Strides Shasun gained 2.18% to Rs 708 at 10:50 IST on BSE after the company announced that it will launch Ranitidine Tablets USP, 150 mg (OTC) in the US markets.
The announcement was made during market hours today, 26 February 2018.Meanwhile, the S&P BSE Sensex was up 228.86 points or 0.67% at 34,371.01. The S&P BSE Mid-Cap index was up 95.31 points or 0.58% at 16,657.34, underperforming the Sensex.
On the BSE, 8,556 shares were traded on the counter so far as against average daily volumes of 70,805 shares in the past one quarter. The stock had hit a high of Rs 710.10 and a low of Rs 693.80 so far during the day. The stock had hit a 52-week high of Rs 1,220 on 21 February 2017 and a 52-week low of Rs 640.65 on 6 February 2018.
The stock had underperformed the market over the past one month till 23 February 2018, falling 13.11% compared with the Sensex's 5.53% fall. The scrip had also underperformed the market over the past one quarter sliding 15.76% as against the Sensex's 1.65% rise. The scrip had also underperformed the market over the past one year dropping 40.73% as against the Sensex's 18.17% rise.
The mid-cap company has equity capital of Rs 89.50 crore. Face value per share is Rs 10.
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Strides is already a key player in the US Ranitidine Rx market with 32% market share through its approval for Ranitidine Tablets USP, 150 mg and 300 mg. The new launch will further strengthen company's Ranitidine franchise. According to IRI data, the US OTC market for Ranitidine Tablets, which is the generic form of the popular brand Zantac, is approximately $200 million.
This is the first product approval from company's 50:50 joint venture with Vivimed Labs. The product will be backward integrated and will be manufactured at the JV's oral dosage facility in Chennai. Strides will have exclusive marketing rights for the product in the US. The product will be launched immediately.
Ranitidine belongs to a class of drugs known as H2 histamine blockers. It is used to treat peptic ulcers of the stomach and intestines and gastroesophageal reflux and heartburn related to indigestion.
Strides Shasun's consolidated net profit dropped 56.6% to Rs 85.22 crore on 2.6% rise in net sales to Rs 749.04 crore in Q3 December 2017 over Q3 December 2016.
Strides Shasun is a vertically integrated global pharmaceutical company headquartered in Bangalore. The company has three business verticals, viz., regulated markets, emerging markets and active pharmaceutical ingredients.
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