Aurobindo Pharma shares gained over 3 per cent on Monday after the pharma company on Saturday announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Naproxen Sodium Tablets used for treatment of osteoporosis. The product is expected to be launched in Q1 FY16-17.
The share price of Aurobindo Pharma closed 3.06 per cent up at Rs 742.95. The scrip opened at Rs 728.90 and touched a high and low of Rs 748.20 and Rs 728.55, respectively, in trade so far. Sensex closed 1.33 per cent, or 332.63 points, up at 25,285.37.
In a BSE filing, Aurobindo Pharma said, “The company has received final approval from the US Food and Drug Administration (USFDA) to manufacture and market Naproxen Sodium tablets USP, 220 mg.”
For the quarter ended December 2015, the company reported a consolidated net profit of Rs 534.95 crore, up 39.18 per cent, against Rs 384.35 crore in the same quarter last year.
The promoters holding in the company stood at 53.90 per cent while institutions and non-institutions held 35.24 per cent and 10.86 per cent, respectively.