Nectar Lifesciences rose 12% to Rs 39.20 at 14:10 IST on BSE after the company said it received European cGMP approval for its Cephalosporin active pharmaceutical ingredients manufacturing facility in Dera Bassi, Punjab.
The announcement was made during trading hours today, 3 March 2015.
Meanwhile, the BSE Sensex was up 100.20 points, or 0.34%, to 29,559.34.
On BSE, so far 14.33 lakh shares were traded in the counter, compared with an average volume of 1.66 lakh shares in the past one quarter.
The stock hit a high of Rs 40.30 and a low of Rs 36.15 so far during the day. The stock hit a record high of Rs 44.65 on 16 September 2014. The stock hit a 52-week low of Rs 15.40 on 4 March 2014.
The stock had underperformed the market over the past one month till 2 March 2015, falling 2.23% compared with 1.16% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.79% as against Sensex's 3.57% rise.
The small-cap company has an equity capital of Rs 22.43 crore. Face value per share is Re 1.
Nectar Lifesciences (NecLife) received the European cGMP ("Current Good Manufacturing Practices") compliance certification through successful inspection by the Portugal Authority - National Authority of Medicines and Health Products, INFARMED. The approval is valid for three years for calendar years 2015 to 2017. The INFARMED Certificate is accepted by all European Union (EU) Health Authorities and by authorities of several other countries. The facility is already approved by various international regulatory agencies such as US-FDA, MCC South Africa, PMDA Japan, OGYI-Hungary and KFDA- South Korea.
Highly lucrative EU market for Cephalosporin's' is currently valued at $1.5 billion between injectable and oral molecules. NecLife has highest capacities globally of all the approved molecules in Cephalosporin's. This approval opens up very valuable market for NecLife for active pharmaceutical ingredients' (APIs) as well as formulations for which Unit-6 located in Baddi is already approved by the EU authority which is valid from July 2013 till July 2016. NecLife is committed to take leadership position in its line of products in Cephalosporin's' in Europe besides United States, Japan and other ROW (Rest of the World) countries, NecLife said in a statement.
Till date, NecLife has filed 42 Drug Master Files (DMFs) and 15 Abbreviated New Drug Applications (ANDAs). NecLife has very ambitious plan of filing multiple DMFs ANDAs/EU/ROW dossiers in US, EU and other rest of world markets in year 2015-16, the company added.
Net profit of Nectar Lifescience declined 1.40% to Rs 16.89 crore on 13.57% rise in net sales to Rs 444.12 crore in Q3 December 2014 over Q3 December 2013.
NecLife is a leading integrated pharmaceutical organization in India, offering a specialized comprehensive range of oral and sterile cephalosporin active pharmaceutical ingredients (AP
