Strides Pharma Science rose 3.24% to Rs 459.50 at 14:47 IST on BSE after the company announced that it has received US Food and Drug Administration approval for its greenfield oral dosage facility in Singapore.
The announcement was made during trading hours today, 27 March 2019.Meanwhile, the S&P BSE Sensex was down 22.57 points, or 0.06% to 38,210.84.
On the BSE, 2.21 lakh shares were traded in the counter so far compared with average daily volumes of 84,000 shares in the past two weeks. The stock had hit a high of Rs 468 and a low of Rs 449.15 so far during the day. The stock hit a 52-week high of Rs 737.02 on 4 April 2018. The stock hit a 52-week low of Rs 334.10 on 8 June 2018.
With the commercialization of its manufacturing facility in Singapore, Strides Pharma will join the league of global pharmaceutical companies having a manufacturing and research and development footprint in Singapore. The facility will complement Strides' existing manufacturing base and will help meet increased demand from its fast‐growing regulated markets business across US, Australia, UK and Europe.
Singapore is also amongst the list of designated countries under the Trade Agreements Act (TAA) making it eligible to supply goods under Federal Supply Schedule (FSS) contracts in the US. The manufacturing facility in Singapore will enable the company to tap opportunities under various federal government procurement programs including procurements administered by Department of Veterans Affairs (VA).
The facility operating at its peak capacity will produce about 1.4 billion tablets and hard gelatin capsules. The facility has been built with emphasis on automation in production and quality control laboratories and has fully integrated manufacturing and packing lines. The facility has already been approved by Health Science Authority (HSA) Singapore and Therapeutic Goods Administration (TGA) Australia.
On a consolidated basis, net profit of Strides Pharma Science rose 243.26% to Rs 293.42 crore on 6.10% rise in net sales to Rs 794.50 crore in Q3 December 2018 over Q3 December 2017.
Strides Pharma Science is a global pharmaceutical company headquartered in Bangalore, India.
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