Strides Arcolab rose 1.07% to Rs 1,215.25 at 11:53 IST on BSE after the company said it has received approval from USFDA for Polyethylene Glycol 3350, Sodium Chloride, Sodium Bicarbonate, and Potassium Chloride for Oral Solution.
The announcement was made during market hours today, 15 April 2015.
Meanwhile, the BSE Sensex was down 109.10 points or 0.38% at 28,931.55.
On BSE, so far 37,000 shares were traded in the counter as against average daily volume of 97,508 shares in the past one quarter.
The stock hit a high of Rs 1,227.10 and a low of Rs 1,202.15 so far during the day. The stock had hit a record high of Rs 1,249 on 8 April 2015. The stock had hit a 52-week low of Rs 448.50 on 16 April 2014.
The stock had outperformed the market over the past one month till 13 April 2015, surging 12.49% compared with Sensex's 1.9% rise. The scrip had also outperformed the market in past one quarter, jumping 29.91% as against Sensex's 5.9% rise.
The mid-cap company has equity capital of Rs 59.62 crore. Face value per share is Rs 10.
Strides Arcolab said it has received approval from the United States Food & Drug Administration (USFDA) for Polyethylene Glycol 3350, Sodium Chloride, Sodium Bicarbonate, and Potassium Chloride for Oral Solution, 420 grams/11.2 grams/5.72 grams/1.48 grams/4 litres.
According to IMS data, the US annual market for Polyethylene Glycol 3350, Sodium Chloride, Sodium Bicarbonate, and Potassium Chloride for Oral Solution is approximately $20 million.
Polyethylene Glycol 3350, Sodium Chloride, Sodium Bicarbonate, and Potassium Chloride for Oral Solution will be manufactured at the company's oral dosage facility at Bangalore and marketed by Strides in the US market, Strides Arcolab said.
Polyethylene Glycol 3350, Sodium Chloride, Sodium Bicarbonate, and Potassium Chloride for Oral Solution is used for bowel cleansing prior to colonoscopy. Polyethylene glycol 3350 is an osmotic laxative, and along with the electrolytes, the combination is used in preparation for colonoscopy in adults and pediatric aged six months or greater, Strides Arcolab said.
Strides Arcolab's net profit fell 97.2% to Rs 97.40 crore on 3.3% decline in net sales to Rs 232.43 crore in Q3 December 2014 over Q3 December 2013.
Strides Arcolab is a global pharmaceutical company headquartered in Bangalore. The company develops and manufacturesa wide range of IP-led niche pharmaceutical products.
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