Aurobindo Pharma announces share buyback worth ₹750 cr; stock drops 2%
The pharma company has fixed floor price for share buyback at ₹1,460 per share, a premium of 6.4% over Tuesday's closing price of ₹1,371.70 on the BSE.
The pharma company has fixed floor price for share buyback at ₹1,460 per share, a premium of 6.4% over Tuesday's closing price of ₹1,371.70 on the BSE.
The API coming from China started getting dumped in India at very low prices.
The pharma company has received approval to manufacture and market Mometasone Furoate Monohydrate Nasal Spray 50 mcg, which will be launched in Q1 FY25.
The deal will allow Aurobindo Pharma to enhance capacities and operations in other units.
The product is anticipated to be launched in December 2023, the approved product is estimated to target a market size of $25.4 million.
The homegrown pharma company has outperformed the BSE Sensex and Healthcare index in terms of returns in the last one year.
Aurobindo Pharma has received approval from USFDA to produce and trade Budesonide Inhalation Suspension
The scrip opened higher at ₹1,014.95, up 0.73%, as against the previous closing price of ₹1,007.50
In the January to March quarter this year, the company's revenues stood at ₹6,472.9 crore, up 11.4% as against ₹5,809.3 crore in the same period last year.
During the session, it tumbled 13.75% to hit an intraday low of ₹464. The market capitalisation of the pharmaceutical major declined to ₹28,037 crore.