Indoco Remedies announced today that it won major tenders worth Rs. 140 cr. in Germany, including the AOK for Allopurinol Tablets. The revenue expected from this business is Rs. 70 cr. per annum. The supplies to Germany will begin from January 2021 and continue till end of 2022. API consumption will be approx. 100 metric tons per year for this supply.

Indoco manufactures Allopurinol API at its new API manufacturing site at Patalganga. The new API site has a capacity to manufacture 25 tons of Allopurinol per month or 300 tons annually.

Commenting on this development, Ms. Aditi Kare Panandikar, Managing Director - Indoco Remedies Ltd. said, "This is Indoco's first own label product in Europe. Germany is totally tender business and Indoco has won almost 80 - 85% tenders for Allopurinol. This is a tender order for supplies spread over two years and if we are competitive, we may get repeat orders when the tenders are floated after two years. We believe, because of backward integration, we will remain competitive and completely in control of supplies."

Shares of INDOCO REMEDIES LTD. was last trading in BSE at Rs.306.4 as compared to the previous close of Rs. 303.95. The total number of shares traded during the day was 35629 in over 1944 trades.

The stock hit an intraday high of Rs. 311 and intraday low of 297.35. The net turnover during the day was Rs. 10854152.

The stock hit an intraday high of Rs. 264.5 and intraday low of 256. The net turnover during the day was Rs. 516831.

Source: Equity Bulls