SPARC advances over 6% on getting USFDA's CRL for Xelpros
Synopsis
On BSE, 1.14 lakh shares were traded on the counter in the first half an hour, compared with an average daily volume of 42,000 shares in the past two weeks.
By ETMarkets.com
Last Updated:
NEW DELHI: Shares of Sun Pharma Advanced Research Company (SPARC) advanced as much as 6.75 per cent in early trade on Thursday after it informed the bourses that it had received a complete response letter (CRL) from the USFDA for the new drug application for Xelpros, Latanoprost BAK-free eyedrops.
In a release, the company said, “CRL references the recent inspection of the Sun Pharmaceutical Industries’ Halol manufacturing site by the USFDA and indicates that satisfactory resolution of the deficiencies identified during the inspection is required before the final approval of Xelpros. There is no requirement of any additional data from USFDA in the CRL.”
On BSE, 1.14 lakh shares were traded on the counter in the first half an hour, compared with an average daily volume of 42,000 shares in the past two weeks.
The stock underperformed the benchmark indices over the past 30 days till Dec 21, falling 0.87 per cent compared with a 1.08 per cent rise in the BSE Sensex.
For the quarter ended September 30, 2016, the company reported a net profit of Rs 14.74 crore against a net loss of Rs 17.74 crore reported for the corresponding quarter last year. Net sales jumped 120 per cent to Rs 94.89 crore in Q2 of FY17 over Q2 of FY16.
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SPARC shares were trading 3.64 per cent higher at Rs 318 at around 9.40 am. The scrip opened at Rs 313 and touched a high and low of Rs 328 and Rs 313, respectively, in within the first one hour of trade. The benchmark BSE Sensex was trading 121.61 points, or 0.46 per cent, down at 26,120.In a release, the company said, “CRL references the recent inspection of the Sun Pharmaceutical Industries’ Halol manufacturing site by the USFDA and indicates that satisfactory resolution of the deficiencies identified during the inspection is required before the final approval of Xelpros. There is no requirement of any additional data from USFDA in the CRL.”
On BSE, 1.14 lakh shares were traded on the counter in the first half an hour, compared with an average daily volume of 42,000 shares in the past two weeks.
The stock underperformed the benchmark indices over the past 30 days till Dec 21, falling 0.87 per cent compared with a 1.08 per cent rise in the BSE Sensex.
For the quarter ended September 30, 2016, the company reported a net profit of Rs 14.74 crore against a net loss of Rs 17.74 crore reported for the corresponding quarter last year. Net sales jumped 120 per cent to Rs 94.89 crore in Q2 of FY17 over Q2 of FY16.
