Balaxi Pharmaceuticals Ltd Share Price – NSE

Trading, Small Cap

Balaxi Pharmaceuticals will hold a meeting of the Board of Directors of the Company on 2 August 2024.

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The benchmark indices traded with modest gains in early afternoon trade. The Nifty traded above the 23,600 level. Realty shares declined after advancing in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 364.71 points or 0.47% to 77,705.79. The Nifty 50 index added 84.70 points or 0.36% to 23,622.55. The Nifty Bank clocked an all-time high of 52,279.75 in mid-morning trade.

In the broader market, The S&P BSE Mid-Cap index shed 0.33% and the S&P BSE Small-Cap index gained 0.25%.

The S&P BSE Small-Cap index hit an all-time high at 52,542.41.

The market breadth was positive. On the BSE, 2,016 shares rose and 1,770 shares fell. A total of 130 shares were unchanged.

Economy:

India's telecom spectrum auction starts today (June 25th) offering airwaves worth Rs 96,318 crore. The government reportedly aims for Rs 10,000 crore. This auction includes frequencies from 800 MHz to 26 GHz bands and offers 20-year validity with options for sharing or surrendering spectrum after 10 years.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.14% to 14.04. The Nifty 27 June 2024 futures were trading at 23,605.30, at a discount of 17.25 points as compared with the spot at 23,622.55.

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 126.1 lakh contracts at the 24,000 strike price. Maximum Put OI of 134.1 lakh contracts were seen at 23,000 strike price.

Buzzing Index:

The Nifty Realty index fell 1.92% to 1,113.55. The index rose 0.30% in the past trading session.

Oberoi Realty (down 4.02%), Macrotech Developers (down 3.16%), Brigade Enterprises (down 2.29%), DLF (down 2.27%), Prestige Estates Projects (down 2.11%), Sunteck Realty (down 2.03%) and Godrej Properties (down 1.59%) declined.

On the other hand, Sobha (up 2.93%), Phoenix Mills (up 0.63%) and Mahindra Lifespace Developers (up 0.14%) edged higher.

Stocks in Spotlight :

Balaxi Pharmaceuticals jumped 4.76% after the company announced strategic hospital partnerships in Angola and securing of tender business in Latin America.

Alkem Laboratories rallied 3.32% after the pharma company said that it has received the establishment inspection report (EIR) from the US drug regulator for its manufacturing facility in Baddi, Himachal Pradesh.

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In a regulatory filing made during market hours today, Balaxi Pharma stated that it has has tied-up with approximately 50 hospitals across Angola and is working towards having tie-ups with more than 150 hospitals across the country.

This expansion into the hospital business would allow the company to directly supply high-quality pharmaceutical products to healthcare providers in the region. This initiative not only enhances the availability of essential medicines in Angola but also positions Balaxi as a key player in the country's healthcare sector.

Ashish Maheshwari, managing director of Balaxi Pharmaceuticals, said: “Expanding distribution through hospitals channel in Angola represents a pivotal step in our mission to improve access to affordable and quality healthcare in Angola.

By directly engaging with hospitals, we ensure that our products reach the patients who need them the most, thereby contributing to better healthcare outcomes.”

Balaxi Pharmaceuticals further informed that it has secured a tender in a key Latin America market. This tender, valued at USD 0.8 million, marks the company’s first foray into the large tender business in Latin America.

Maheshwari further added: Securing our first tender in a key Latin America market is a testament to our commitment to expanding our global footprint.

This success in the Latin American market not only diversifies our revenue streams but also validates our strategic approach to entering new geographies with high growth potential.

Also, once the new plant is up and running, tender market opportunities in other ROW and semi regulated markets will be pursued aggressively.”

Balaxi Pharmaceuticals Limited is a Hyderabad-based pharmaceutical company specializing in the distribution of pharmaceutical products in frontier markets. With a focus on Africa, Latin America, and other high-growth regions, Balaxi aims to enhance healthcare access by providing quality medications at affordable prices.

The company had reported 34.94% rise in consolidated net profit to Rs 10.93 crore despite a 25.84% fall in revenue to Rs 59.83 crore in Q4 FY24 over Q4 FY23.

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Net profit of Balaxi Pharmaceuticals rose 34.94% to Rs 10.93 crore in the quarter ended March 2024 as against Rs 8.10 crore during the previous quarter ended March 2023. Sales declined 25.84% to Rs 59.83 crore in the quarter ended March 2024 as against Rs 80.68 crore during the previous quarter ended March 2023.

For the full year,net loss reported to Rs 2.39 crore in the year ended March 2024 as against net profit of Rs 45.96 crore during the previous year ended March 2023. Sales declined 28.28% to Rs 241.29 crore in the year ended March 2024 as against Rs 336.43 crore during the previous year ended March 2023.

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