Strides Arcolab gains on approval for new drug

Strides Arcolab rose 1.70% to Rs 152.30 at 11:26 IST on BSE after the company said it has received abbreviated new drug application approval for its Famotidine injection in multiple strengths.

The stock hit a high of Rs 154.70 and a low of Rs 151.60 so far during the day. The stock had a 52-week high of Rs 349.70 on 4 July 2007 and a 52-week low of Rs 120 on 22 January 2008.

The company has an equity capital of Rs 40.05 crore. Face value per share is Rs 10.

On 26 May 2008, Strides Arcolab received abbreviated new drug application approval for Rifampicin injection USP 600 milligram/vial.

On 14 May 2008, the company received an abbreviated new drug application approval for Flumazenil injection USP 0.1 milligram/milliliter multiple dose vial.

Strides Arcolab reported a net loss of Rs 16.05 crore in Q1 March 2008 as compared to net profit of Rs 7.76 crore in Q1 March 2007. Net sales rose 12.8% to Rs 119.69 crore in Q1 March 2008 over Q1 March 2007.

The company manufactures ethical pharmaceutical products, over the counter (OTC) products and nutraceuticals. It performs its activities through two segments, pharma and contract research and manufacturing (CRAM).