Orchid Chemicals recovers on US nod for a generic drug

News Flash

MAY JOIN RACE FOR SHELL'S EUROPEAN REFINERIES: SOURCES
SENSEX, NIFTY UP 1% EACH FOR THE WEEK
CNX MIDCAP INDEX UP 1%, BSE SMALLCAP INDEX UP 1.6%
METAL INDEX UP 3.7%, AUTO INDEX UP 2.3%, FMCG UP 1.5%
INDEX GAINERS: SUZLON UP 9.3%, TATA STEEL UP 6.3%, SAIL UP 5.3%
RIL SPOKESPERSON TO NDTV: 'REVIEWS CANNOT ASSURE TRANSACTIONS'
RIL SPOKESPERSON: 'WE ARE REVIEWING A NUMBER OF GLOBAL OPPORTUNITIES'
ESSAR-SHELL IN EXCLUSIVE NEGOTIATIONS TILL NOV 30 TO BUY 3 SHELL REFINERIES
APPROACHED SHELL FOR BUYOUTS BEFORE ESSAR'S EXCLUSIVE TALKS BEGUN
JSW ENERGY ALSO IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
CESC, SREI INFRA IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
GAMMON INFRA BAGS NHAI PROJECT WORTH RS.850 CRORES
NET PROFIT AT RS.48.2 CR VS RS.12 CR; SALES UP 55% AT RS.849 CR (YOY)
PROFIT UP 55% AT RS.143.50 CR; NET SALES UP 22.5% AT RS.2234.20 (YOY)
IMPORTING SUGAR BEING REVIEWED; NEED FOR ECONOMIC PRICING OF SUGAR
IN DISCUSSIONS WITH FARMERS TO COME AT PRICE COMFORTABLE FOR BOTH SIDES
TOO EARLY TO TALK OF DENA BANK MERGER WITH ANOTHER PSU BANK: NW
KEEPS OVERNIGHT LENDING RATE UNCHANGED AT 0.1%
STILL SEE DOWNSIDE RISK FOR THE ECONOMY
AIM TO CONVERT NON USERS TO USERS WITH THE HELP OF ROAMING TARIFF CUTS
PREFER TO REMAIN AGGRESSIVE WITHOUT GETTING INTO A PRICE WAR
MURTAZA KHORAKIWALA TO NDTV: CANNOT COMMENT ON SUB JUDICE MATTER
WOCKHARDT TO PAY BACK ALL SECURED, UNSECURED LOANS IN 5 YRS AS PER CDR
DBS TOP BRASS MET HABIL KHORAKIWALA TO DISCUSS WAYS OF SETTLEMENT: SRCS
EYEING TO SETTLE PAYMENT DEFAULT CASE OUT OF COURT: SOURCES
ALERT: ROAMING CONTRIBUTES 15% OF BHARTI REVENUES
ROAMING CALLS ON OTHER NETWORKS AT 80 PAISE/MINUTE
ROAMING CALLS ON OWN NETWORK AT 60 PAISE/MIN
SWAP TO REDUCE OVERALL FINANCE CHARGES FOR THE COMPANY: CFO
COMPLETES SWAP OF $875MN FOREX CONVERTIBLE BONDS

Updated: 03/07/2009 | 12:00 AM IST

Hot pursuit

Capital Market

Friday, July 03, 2009 (New Delhi)

Blog

Comments:

Read (0)

Post

Rate the story

At the day's low of Rs 94.10, the stock had declined 1.62%, before the company announced the receipt of approval during trading hours.

Meanwhile, the BSE Sensex was up 266.49 points, or 1.82%, 14,924.95.

On BSE, three lakh shares were traded in the counter. The stock had an average daily volume of 5.79 lakh shares in the past one quarter.

The stock hit a high of Rs 97.30 and a low of Rs 94.10 so far during the day. The stock hit a 52-week high of Rs 268.90 on 10 July 2008 and a 52-week low of Rs 56.50 on 12 March 2009.

The small-cap stock had underperformed the market over the past one month till 2 July 2009, declining 30% as compared to the Sensex's 1.45% fall. It had also underperformed the market in the past one quarter, rising 24.87% as compared to the Sensex's return of 41.64%.

The company's current equity is Rs 70.44 crore. Face value per share is Rs 10.

The current price of Rs 96.35 discounts the company's Q4 March 2009 annualized EPS of Rs 15.02, by a PE multiple of 6.41.

The company has received approval from US Food and Drug Administration for Amlodipine Besylate tablets in multiple strengths. Amlodipine is indicated for the treatment of hypertension, for the symptomatic treatment of chronic stable angina, and for the treatment of confirmed or suspected vasospastic angina. Amlodipine is the generic version of Pfizer's Norvasc tablets.

Orchid Chemicals had in May 2009 received final approval from US FDA for Imipenem / Cailastatin sodium injection in 250 miligram (mg) / 250 mg strength. The drug is the generic version of Merck's Primaxin injections. The drug is used for treating serious infections caused by bacteria.

Orchid Chemicals & Pharmaceuticals' net profit surged 66.9% to Rs 26.45 crore on 49.4% fall in net sales to Rs 191.79 crore in Q4 March 2009 over Q4 March 2008.

The company is engaged in manufacturing and selling pharmaceuticals ingredients and finished dosage forms. The company exports to Asia Pacific, Europe, Middle East, South and Central America, North America and Commonwealth of Independent States (CIS) countries.

In early May 2009, Orchid Chemicals & Pharmaceuticals announced that the promoters revoked 21 lakh shares representing 2.98% of the equity capital of the company out of 62.58 lakh shares representing 8.88% of the equity capital of the company which they had pledged earlier.

The total promoter shareholding in the company is 21.18% as on 31 March 2009.

Powered by Capital Market - Live News