Panacea Biotec was locked at 10% upper circuit at Rs 127.25 at 14:20 IST on BSE after the company said that it has launched TENEPAN, a cost effective product for the treatment of Type 2 Diabetes Mellitus.
The announcement was made during market hours today, 28 March 2016.Meanwhile, the S&P BSE Sensex was up 88.01 points or 0.33% at 26,490.97.
Higher than normal volumes were witnessed on the counter. On BSE, so far 50,962 shares were traded in the counter as against average daily volume of 19,811 shares in the past one quarter. The stock hit low of Rs 116.10 so far during the day. The stock had hit a 52-week high of Rs 178.10 on 10 August 2015. The stock had hit a 52-week low of Rs 83.90 on 12 February 2016. The stock had outperformed the market over the past one month till 27 June 2016, gaining 32.99% compared with 0.94% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 19.34% as against Sensex's 4.2% rise.
The small-cap company has equity capital of Rs 6.13 crore. Face value per share is Rs 1.
Panacea Biotec said that it has introduced indigenously developed high quality antidiabetic drug, TENEPAN (Teneligliptin), for treatment of Type 2 Diabetes Mellitus (T2DM). TENEPAN aims to improve accessibility of this treatment for the benefit of patients at an affordable cost as part of company's commitment to Government's Make in India mission.
Panacea Biotec reported net profit of Rs 72.15 crore in Q4 March 2016 compared with net loss of Rs 31.39 crore in A4 March 2015. Net sales fell 14% to Rs 187.47 crore in Q4 March 2016 over Q4 March 2015.
Panacea Biotec is a research based pharma-biotech company with established research, manufacturing and marketing capabilities. The product portfolio of the company includes innovative products in therapeutic areas of oncology, organ transplantation, nephrology, diabetes, osteoporosis, cardiovascular disease and pediatric immunization vaccines.
Powered by Capital Market - Live News
