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Lupin gains 2% as Rakesh Jhunjhunwala ups stake to 1.92%

Lupin gains 2% as Rakesh Jhunjhunwala ups stake to 1.92%
January 05
15:05 2018
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Shares of Lupin gained 2.3 percent intraday Friday as investor Rakesh Jhunjhunwala has increased his stake in the company in the quarter ended December 2017.

Rakesh Jhunjhunwala has increased his stake in the company to 1.92 percent (86,98,605 equity shares) in the quarter ended December 2017 against 1.89 percent (85,48,105 equity shares) in September 2017.

The company announced the launch of its Flucytosine capsules USP, 250 mg and 500 mg having received an approval from the USFDA.

Novel’s Flucytosine capsules USP, 250 mg and 500 mg are AB rated generic equivalent of Valeant Pharmaceuticals International Inc’s ANCOBON capsules, 250 mg and 500 mg.

Flucytosine capsules USP, 250 mg and 500 mg are indicated for the treatment of serious infections caused by susceptible strains of Candida and/or Cryptococcus.

It had annual sales of approximately USD 48 million in the US, as per IMS MAT October 2017.

In the month of December, the company had received final approval for its Calcipotriene Topical Solution, 0.005% (Scalp Solution) from the United States Food and Drug Administration (USFDA) to market a generic version of Dovonex Scalp Solution, 0.005% of Leo Pharmaceutical Products.

At 14:10 hrs Lupin was quoting at Rs 892.75, up Rs 15.25, or 1.74 percent on the BSE.

The share touched its 52-week high Rs 1,572.25 and 52-week low Rs 807 on 06 February, 2017 and 06 December, 2017, respectively.

graph_lupin

Currently, it is trading 43.22 percent below its 52-week high and 10.63 percent above its 52-week low.

Posted by Rakesh Patil

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