Pharma stocks in focus as Glenmark gets regulatory approval for selling Favipiravir for treatment of Covid-19. Cipla to launch of its generic version of remdesivir.
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Drugs Controller General of India (DCGI), approved Favipiravir for the treatment of mild to moderate COVID-19 in India. Glenmark launches new coronavirus medicine at Rs 103 per tablet and it is a prescription based medicine.
The company announced the launch of its generic version of remdesivir, which has been authorised for emergency use in the treatment of COVID-19 patients by the USFDA. The USFDA had issued an Emergency Use Authorization (EUA) to Gilead Sciences Inc for emergency use of remdesivir for the treatment of COVID-19 patients.
Novartis reported a 65 per cent decline in its net profit to Rs 6.8 crore for the quarter ended March 2020. Revenue from operations declined by 15.13 per cent and stood at Rs 93.70 crore for the quarter. It was Rs 110.38 crore for the same period a year ago.
Greenlam Industries’ consolidated net profit declined by 8.82 per cent to Rs 21.7 crore versus Rs 23.8 crore for the same period a year ago. The sales slipped by 10 per cent to Rs 324.02 crore in Q4 March 2020 over Rs 360 crore in Q4 March 2019.
The company reported a de-growth of 39.2% in its profit to Rs 421.4 crore for the quarter ended 31 March 2020. The net interest income declined by 7.2 per cent to Rs 1,134.2 crore versus Rs 1,222.5 crore in Q4FY19. The company provision declined to Rs 27.25 crore versus Rs 390.7 crore in the December quarter.
ICICI Bank sold 1.8 crore shares at Rs 1250.6/sh which represents 3.96 per cent of its equity share capital at 31 March 2020,
Investor Porinju Veliyath’s firm Equity Intelligence India has acquired 8.63 lakh shares at Rs 146.7/sh.
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