Indoco Remedies Ltd Share Price – NSE /  BSE

Pharmaceuticals, Small Cap

Subsequently, the Goa facility has received a warning letter from the United States Food and Drug Administration (USFDA) on 17 December 2024. The facility was inspected from 16 July to 26 July 2024.

The company stated that it remains committed to work closely with the USFDA and continues to enhance its compliance on an ongoing basis.

“We will work with the USFDA to resolve these issues at the earliest. We uphold quality and compliance issues with utmost importance and remain committed to be compliant with CGMP quality standards across our facilities. We continue to supply products from the above-mentioned Facility to meet our obligations to our customers and the patients in the United States of America,” stated the firm in a regulatory filing.

Indoco Remedies is engaged in the manufacturing and marketing of Formulations (finished dosage forms) and active pharmaceutical ingredients (APIs).

The pharmaceutical company’s standalone net profit declined 61.40% to Rs 12.79 crore on 15.18% slide in revenue from operations to Rs 394.58 crore in Q2 FY25 over Q2 FY24.

Powered by Capital Market - Live News

Under this collaboration, Indoco will launch around 20 products in the UK over the next 18 months through Clarity Pharma, which will serve as its distributor. The company will continue to supply all the products under the existing B2B partnership to its clients.

Aditi Panandikar, managing director of Indoco Remedies, said, “This collaboration with Clarity Pharma is a significant milestone for Indoco, as this will further strengthen our foothold in the UK pharma market. By combining Indoco’s robust portfolio of high-quality, affordable pharmaceutical products with Clarity Pharma’s strong distribution network and market expertise, we are poised to deliver innovative healthcare solutions to a broader patient base.”

Steve Soper, CEO of Clarity Pharma, said, “Today is the beginning of a truly exciting journey between Indoco and Clarity and is the result of several years’ hard work in putting this market access project together. The range of Indoco products is exciting and extensive and will deliver significant savings to the market once launched. We look forward to a bright future of collaboration, growth, and making a difference in the affordability of a wide range of medicines.”

Clarity Pharma has over 25 years of experience in bringing products to market and now services over 4,000 primary healthcare customers.

Meanwhile, Indoco said that it has received a GST show cause notice of Rs 15.51 crore from Deputy Commissioner Malkajgiri Division Hyderabad Commercial Tax Department Telangana.

As part of the GST audit, the company has received a show cause notice under Section 73(1) in Form GST DRC-01, mentioning an excess claim of ITC. The notice requests supporting documentation for credit notes and a GSTR-9C reconciliation.

Indoco is a fully integrated, research-oriented pharmaceutical company. The company has 11 manufacturing facilities, 7 for FDFs and 4 for APIs, supported by an R&D Centre and a CRO facility.

The pharmaceutical company’s standalone net profit declined 61.40% to Rs 12.79 crore on 15.18% slide in revenue from operations to Rs 394.58 crore in Q2 FY25 over Q2 FY24.

Powered by Capital Market - Live News

The headline equity benchmarks traded with modest gains in morning trade. The Nifty traded above the 24,350 mark. PSU bank shares advanced after declining in the past two consecutive trading sessions.

At 10:27 IST, the barometer index, the S&P BSE Sensex rose 361.68 points or 0.44% to 80,599.10. The Nifty 50 index gained 103.75 points or 0.43% to 24,379.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.73% and the S&P BSE Small-Cap index rallied 0.94%.

The market breadth was strong. On the BSE, 2,669 shares rose and 930 shares fell. A total of 184 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index jumped 2.10% to 6,943.45. The index shed 0.68% in past two consecutive trading sessions.

Union Bank of India (up 3.06%), Canara Bank (up 2.93%), Bank of Baroda (up 2.51%), Punjab National Bank (up 2.07%), UCO Bank (up 2.06%), Indian Overseas Bank (up 2%), Punjab & Sind Bank (up 2%), Bank of India (up 1.96%), Central Bank of India (up 1.93%) and State Bank of India (up 1.80%) advanced.

Stocks in Spotlight:

Indoco Remedies jumped 5.28% after the company announced strategic collaboration with Clarity Pharma, UK to launch around 20 products over the next 18 months through Clarity Pharma, its distributor in the UK.

Torrent Power rallied 4.24% after the company’s board approved to raise funds though qualified insituitional placement (QIP) to pare debt. The floor price for QIP has been set at Rs 1,555.75 per share. The company may, at its discretion, offer a discount of not more than 5% on the floor price calculated for the issue.

E2E Networks advanced 1.51% after the company has entered into arrangement with Larsen & Toubro for capacity expansion for its data center facilities. The additional capacity will help the Company to cater the demand of fast-growing demand of Company’s GPU and other services.

Powered by Capital Market - Live News

Net loss of Indoco Remedies reported to Rs 9.57 crore in the quarter ended September 2024 as against net profit of Rs 35.08 crore during the previous quarter ended September 2023. Sales declined 9.06% to Rs 430.66 crore in the quarter ended September 2024 as against Rs 473.58 crore during the previous quarter ended September 2023.

Powered by Capital Market - Live News