Zydus Lifesciences Receives USFDA Approval for Acne Gel
Zydus Lifesciences shares rose nearly 1% on September 21 after the company announced receiving final approval from the USFDA for Clindamycin Phosphate Gel USP, a skincare gel used to treat acne.
Clindamycin is an antibiotic that works by stopping the growth of bacteria and helps to decrease the number of acne lesions. It had annual sales of USD 37 million in the United States as per July 2023 figures of IQVIA MAT.
The drug will be manufactured at the group’s topical manufacturing facility at Changodar, Ahmedabad.
This is the latest in a series of approvals for Zydus Lifesciences from the USFDA. On September 19th, the company announced having received establishment inspection report (EIR) from the US drug regulator with ‘nil’ observations for its formulations manufacturing facility in Ahmedabad. This is expected to enable the pharma-company to receive approvals for pending abbreviated new drug applications (ANDA).
Brokerage Jefferies has a ‘hold’ rating on Zydus Lifesciences stock with the target price set at Rs 630 per share. The company’s management believes that it will continue to do well in its current business operations. New drivers for growth will be based on vaccines, biosimilars, and complex generics.
Zydus Lifesciences is engaged in the business of development, manufacturing, and marketing of a wide range of pharmaceutical products.
- 22 Sep
NBCC shares trade higher on Rs 100 crore work order from SAIL
NBCC shares were trading 3 percent higher on September 22 after the company announced having bagged a work order worth Rs 100 crore from SAIL. This is the fourth order-win announced by the company in this month, the total value of the same being Rs 450 crore. NBCC is a public sector undertaking engaged in the business of construction and real estate development. The company specializes in providing project management, consultancy and engineering services for civil construction, infrastructure development, and real estate projects.
- 22 Sep
Glenmark Pharma stock falls on stake sale in Glenmark Life Sciences
Glenmark Pharma stock fell after the company announced it would sell a 75% stake in its subsidiary Glenmark Life Sciences to Nirma. Analysts expect the stake sale to benefit Glenmark Pharma, as it will transition from a net debt position to a cash surplus position. This is expected to have a positive impact on the company's return ratios over the next two to three years.
- 22 Sep
Berger Paints Shares Hit 52-Week High After Turning Ex-Bonus
Berger Paints shares surged 6% to hit a 52-week high after turning ex-bonus on the record date for the issue of bonus shares in the ratio 1:5. The company posted a net profit of Rs 326.3 crore in the April-June quarter of FY24, up 39% year-on-year, on revenue of Rs 2,739.7 crore, up 10% year-on-year. The company expects to get net cash positive by the end of this fiscal year and expects to end the year with double-digit revenue growth on strong demand outlook.
- 22 Sep
Market Update for September 22, 2023
IdeaForge Tech up 3.4% on order RVNL up 3% on highway MoU JSW Steel up 0.4% on sale ICICI Lombard down 1.6% on CEO exit ICICI Bank down 1% on healthcare investment NHPC up 1.3% on extended additional charge Kalyani Forge up 3.2% on new MD IRB Infra up 2.5% on road project closure
- 22 Sep
Lux Industries Shares Down 3% After Income Tax Raid
Lux Industries shares fell 3% on September 22 after news emerged that the Income Tax department had conducted searches at the company's premises in Kolkata and alleged a tax evasion of Rs 200 crore. The company has confirmed the searches and is extending full support.