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      Lupin recovers on bargain hunting

      MoM Team / Mumbai, Jun 23, 2017 10:01 AM IST

        Lupin recovers on bargain hunting

        Lupin rose 1 percent to Rs 1,078 on BSE, with the stock recovering on bargain hunting after recent slide.

        Meanwhile, the S&P BSE Sensex was down 65.19 points or 0.21 percent at 31,225.55.

        On the BSE, 27,000 shares were traded on the counter so far as against the average daily volumes of 1.21 lakh shares in the past one quarter. The stock had hit a high of Rs 1,085 and a low of Rs 1,064 so far during the day. The stock had hit a 52-week high of Rs 1,750 on 29 July 2016 and a 52-week low of Rs 1,063.50 on 22 June 2017.

        The stock had underperformed the market over the past one month till 22 June 2017, sliding 15.52 percent compared with the Sensex's 2.35 percent rise. The stock had also underperformed the market over the past one quarter, declining 27.26 percent as against the Sensex's 7.28 percent rise. The scrip had also underperformed the market over the past one year, sliding 27.15 percent as against the Sensex's 16.91 percent rise.

        The large-cap company has equity capital of Rs 90.34 crore. Face value per share is Rs 2.

        Shares of Lupin had fallen 9.81 percent in the preceding five trading sessions to settle at Rs 1,066.95 yesterday, 22 June 2017, from its closing of Rs 1,183.05 on 15 June 2017.

        Media reports suggested that Lupin's Pithampur Unit 3 has been issued 5 observations by the US Food and Drug Administration (USFDA).

        Meanwhile, Lupin announced during market hours yesterday, 22 June 2017, the launch of its Desoximetasone Cream USP, 0.05 percent and Desoximetasone Cream USP, 0.25 percent having received an approval from the United States Food and Drug Administration (FDA) earlier.

        Desoximetasone Cream USP, 0.05 percent and Desoximetasone Cream USP, 0.25 percent are the AB rated generic equivalent of Taro Pharmaceuticals North America, Inc's Topicort LP Emollient Cream, 0.05 percent and Taro Pharmaceuticals, Inc's (collectively Taro) Topicort Cream, 0.25 percent. Both products are indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses.

        Topicort LP Emollient Cream and Topicort Cream had combined US sales of $38 million (IMS MAT April 2017).

        On consolidated basis, Lupin's net profit fell 49.2 percent to Rs 380.21 crore on 1.3 percent growth in net sales to Rs 4161.88 crore in Q4 March 2017 over Q4 March 2016.

        Lupin is a pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally.


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      Source: Capital Market



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