Indoco Remedies rallies 9% after launching Covid treatment drug
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Shares of Indoco Remedies surged 9 per cent to Rs 284 on the BSE on Monday after the pharmaceutical company announced the launch of Fevindo (Favipiravir) 400 mg tablets in India. Fevindo-400 (Favipiravir) is an antiviral drug, effective against the RNA-based influenza virus. The drug has been approved by DCGI in the treatment of Covid-19. The drug reduces pill burden by 50 per cent and ensures convenient dosing and better patient compliance, Indoco Remedies said in press release on Saturday. Fevindo-400 will be made available at all government approved Covid-19 care centres and selected medical practitioners across the country. Indoco has set up dedicated helplines to ensure accelerated access to Fevindo 400. In addition to Fevindo, Indoco has two more new products for launch in Covid Care range, i.e., Povidone Iodine Gargle and Immunity booster chewable tablets with Zinc, Vitamin C and Vitamin. “After going through rough patches in FY18-19, where the company faced headwinds on the domestic front (structural issues) and exports front (regulatory setbacks), the situation is returning to normalcy,” analysts at ICICI Securities stated in a June quarter outcome replace. While FY21 progress within the home market is prone to be subdued on account of Covid-19, with easing logistical challenges and removing of ban on Paracetamol, good traction on the exports entrance is predicted to proceed with regulatory overhangs (besides warning letter to Goa I). Normalisation of exports dispatches is probably going to enhance working leverage as effectively, the brokerage agency stated. At 09:21 am, the stock was buying and selling 7 per cent greater at Rs 278 on the BSE, as in comparison with 0.66 per cent rise within the S&P BSE Sensex. A mixed round 95,000 fairness shares had modified arms on the counter on the NSE and BSE, thus far. |
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