Lupin advanced a percent to Rs 1,471 on BSE after the company announced the launch of Mibelas 24 Fe Chewable Tablets in the United States.
The announcement was made after market hours yesterday, 16 March 2017.
Meanwhile, the S&P BSE Sensex was down 148.56 points, or 0.5 percent to 29,734.41
On the BSE, 29,000 shares were traded on the counter so far as against the average daily volumes of 70,250 shares in the past one quarter. The stock had hit a high of Rs 1,475 and a low of Rs 1,464.05 so far during the day.
The stock had hit a 52-week high 1,765.85 on 17 March 2016 and a 52-week low of Rs 1,294.05 on 29 March 2016. The stock had underperformed the market over the past one month till 16 March 2017, rising 1.7 percent compared with 5.08 percent rise in the Sensex.
The scrip had also underperformed the market in past one quarter, falling 0.83 percent as against Sensex's 11.69 percent rise.
The large-cap company has equity capital of Rs 90.31 crore. Face value per share is Rs 2.
Lupin announced the launch of Mibelas 24 Fe (Norethindrone Acetate and Ethinyl Estradiol Chewable Tablets, 1mg/0.02mg and Ferrous Fumarate Tablets, 75mg) having received an approval from the United States Food and Drug Administration (FDA) earlier. Lupin's Mibelas 24 Fe is the AB rated generic equivalent of Allergan Pharmaceuticals International's Minastrin 24 Fe Tablets.
It is indicated for use by females of reproductive age to prevent pregnancy. Minastrin 24 Fe chewable tablets had US sales of $360.5 million as per IMS MAT December 2016.
Lupin's consolidated net profit rose 20.7 percent to Rs 633.11 crore on 31.5 percent increase in net sales to Rs 4404.94 crore in Q3 December 2016 over Q3 December 2015.
Lupin is a pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership position in the anti-TB segment.
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