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.
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