Indoco Remedies jumps on getting USFDA`s tentative approval for Canagliflozin and Metformin Hydrochloride tablets
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Indoco Remedies is currently trading at Rs. 317.95, up by 8.70 points or 2.81% from its previous closing of Rs. 309.25 on the BSE.
The scrip opened at Rs. 314.95 and has touched a high and low of Rs. 320.35 and Rs. 312.95 respectively. So far 7992 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 416.95 on 01-Jan-2024 and a 52 week low of Rs. 286.50 on 04-Jun-2024.
Last one week high and low of the scrip stood at Rs. 320.35 and Rs. 286.50 respectively. The current market cap of the company is Rs. 2920.79 crore.
The promoters holding in the company stood at 58.72%, while Institutions and Non-Institutions held 21.33% and 19.95% respectively.
Indoco Remedies has received tentative approval from the US Food and Drug Administration (USFDA) for Abbreviated New Drug Application (ANDA) for Canagliflozin and Metformin Hydrochloride Tablets, 50 mg/500 mg, 50 mg/1000 mg, 150 mg/500 mg and 150 mg/1000 mg, a generic equivalent of Invokamet Tablets, 50 mg/500 mg, 50 mg/1000 mg, 150 mg/500 mg and 150 mg/1000 mg.
This product, Canagliflozin and Metformin Hydrochloride Tablets, will be manufactured by Indoco Remedies, at their manufacturing facility located at L-14, Verna Industrial Area, Verna, Goa in India. Canagliflozin and Metformin Hydrochloride Tablets are used to treat type 2 diabetes mellitus.
Indoco Remedies is engaged in the manufacturing and marketing of formulations (finished dosage forms) and active pharmaceutical ingredients (APIs) in India.
