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Wockhardt gains after USFDA approval for antibiotic injection

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rose 1.04% to Rs 605.95 at 9:34 on after the company said it received US drug regulator's approval for antibiotic injection.

The announcement was made during trading hours today, 7 August 2017.

Meanwhile, the S&P Sensex was up 56.23 points, or 0.17% to 32,381.64.

On the BSE, 21,000 shares were traded in the counter so far, compared with average daily volumes of 1.51 lakh shares in the past one quarter. The stock had hit a high of Rs 611.30 and a low of Rs 600 so far during the day. The stock hit a 52-week high of Rs 1,025.50 on 5 August 2016. The stock hit a 52-week low of Rs 555 on 22 June 2017.

The stock had underperformed the market over the past one month till 4 August 2017, falling 0.01% compared with 3.05% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 12.46% as against Sensex's 8.26% rise. The scrip had also underperformed the market in past one year, falling 40.95% as against Sensex's 15.13% rise.

The mid-cap company has equity capital of Rs 55.28 crore. Face value per share is Rs 5.

said it received approval from the United States Food & Drug Administration (USFDA) for an abbreviated new drug application (ANDA) for 1gm, and 2gm injections of Oxacillin.

Oxacillin is a penicillanase-resistant beta-lactam antibiotic and is used to treat many different infections caused by penicillin-resistant Staphylococcal and other bacterial infections, such as urinary tract infections, respiratory tract infections, septicemia, wound infection, bacterial meningitis, etc.

is expected to launch this product in the United States soon. The product is being manufactured at a contract manufacturing facility, based near Milan, Italy.

On a consolidated basis, Wockhardt reported net loss of Rs 409.66 crore in Q1 June 2017 as against net profit of Rs 15.89 crore in Q1 June 2016. Net sales declined 18.31% to Rs 891.06 crore in Q1 June 2017 over Q1 June 2016.

Wockhardt is a global pharmaceutical and biotech company employing over 10,000 people and 27 nationalities with presence in USA, UK, Ireland, Mexico, Russia and many other countries.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 07 2017. 09:35 IST