FDC plunged 4.02% to Rs 23.90 at 11:12 IST on BSE despite receiving approval from the US Food and Drug Administration for ciprofloxacin ophthalmic solution.
The company made this announcement during trading hours today, 2 July 2008.
Meanwhile, the BSE Sensex was down 115.55 points, or 0.89%, to 12,846.13.
On BSE, 43,003 shares were traded in the counter. The scrip had an average daily volume of 1.07 lakh shares in the past one quarter.
The stock hit a high of Rs 25.30 and a low of Rs 23.70 so far during the day. The stock had a 52-week high of Rs 53.60 on 3 January 2008 and a 52-week low of Rs 23.25 on 24 March 2008.
The small-cap company had outperformed the market over the past one month till 1 July 2008, declining 13.09% compared to the Sensex’s decline of 19.31%. It had also outperformed the market in the past one quarter, declining 17.28% compared to Sensex’s decline of 17.71%.
The company has an equity capital of Rs 19.14 crore. Face value per share is Rs 1.
The current price of Rs 23.90 discounts its Q4 March 2008 annualised EPS of Rs 0.79, by a PE multiple of 30.25.
Ciprofloxacin ophthalmic solution is an antibiotic drug used for occular surface infections.
In May 2008, FDC received US Food & Drug Administration approval for its abbreviated new drug application for Timolol Maleate ophthalmic solution.
FDC’s net profit fell 12% to Rs 3.80 crore on 8.3% increase in net sales to Rs 88.83 crore in Q4 March 2008 over Q4 March 2007.
The company manufactures electral, oral rehydration salt (ORS). It also manufactures bulk drugs, formulations and food products.