Fredun Pharmaceuticals soars on bagging two contracts for Pharma and DC Granules
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Fredun Pharmaceuticals is currently trading at Rs. 1330.00, up by 49.95 points or 3.90% from its previous closing of Rs. 1280.05 on the BSE.
The scrip opened at Rs. 1299.45 and has touched a high and low of Rs. 1332.05 and Rs. 1280.05 respectively. So far 4057 shares were traded on the counter.
The BSE group 'X' stock of face value Rs. 10 has touched a 52 week high of Rs. 1385.90 on 07-Nov-2022 and a 52 week low of Rs. 471.70 on 29-Nov-2021.
Last one week high and low of the scrip stood at Rs. 1332.05 and Rs. 1155.55 respectively. The current market cap of the company is Rs. 595.97 crore.
The promoters holding in the company stood at 51.04%, while Institutions and Non-Institutions held 1.68% and 47.27% respectively.
Fredun Pharmaceuticals has inked two large contracts for Pharma and DC Granules. The company received one-year contract worth Rs 65 crore from a Southeast Asian country for Pharma exports. The revenue would commence from Q4FY23. This is part of a much larger multiple-year contract and will be continued upon successful execution post first year.
The company further signed a contract for specialized DC granules for various therapeutic end uses. The annual contract is worth Rs 25 crore and has the potential to go up to Rs 40 crore from second year onwards. These DC Granules will be exported as well as supplied to local companies across India. Revenues from this contract would commence from Q4FY23 as well.
Fredun Pharmaceuticals was established to produce drugs of international standards at affordable prices. The company produces anti -bacterial, anti-malarial, anti-diabetic tablets, capsules and dry syrups.
