Bajaj Healthcare surges on entering into development and supply agreement with European Entity
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Bajaj Healthcare is currently trading at Rs. 391.50, up by 12.90 points or 3.41% from its previous closing of Rs. 378.60 on the BSE.
The scrip opened at Rs. 377.95 and has touched a high and low of Rs. 404.30 and Rs. 371.05 respectively. So far 87654 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 511.00 on 16-Oct-2023 and a 52 week low of Rs. 265.00 on 04-Jun-2024.
Last one week high and low of the scrip stood at Rs. 412.00 and Rs. 371.45 respectively. The current market cap of the company is Rs. 1071.09 crore.
The promoters holding in the company stood at 67.73%, while Institutions and Non-Institutions held 0.01% and 32.26% respectively.
Bajaj Healthcare has entered into a development and supply agreement for an Active Pharmaceutical Ingredient (API) with a European Entity. This API after its development will be initially supplied in small quantities and will be used by the EU partner to carry out clinical trials for an alternative indication.
The trust reposed in the company by the EU partner for sourcing clinical trial quantities is a testimony of the company’s development and manufacturing capabilities along with the Good Manufacturing Practices (GMP) compliance at company’s manufacturing units.
Based on the outcome of these trials, the supplies will be done from the company’s FDA approved manufacturing facility situated at Savli, Vadodara. Further, till the outcome of these trials, it will be revenue neutral.
Bajaj Healthcare mainly focuses on development, manufacturing and supply of Amino Acids, Nutritional Supplements and Active Pharmaceutical Ingredients (API) for Pharmaceutical, Nutraceuticals and Food industries.
