BackCadila Healthcare gains 6% on US FDA nod for mineral supplement
Zydus Cadila has received final approval from the US Food and Drug Administration to market Potassium Chloride extended-release tablets
PremiumMUMBAI : Shares of Cadila Healthcare climbed as much as 6.49% on Monday after the company received US drug regulator's final approval for Potassium Chloride extended-release tablets.
At 01:50 pm, Cadila Healthcare was trading at ₹418.35 up 6.13%, while the benchmark Sensex advanced 0.26% to 39,081.83 points.
Zydus Cadila has received final approval from the US Food and Drug Administration (US FDA) to market Potassium Chloride extended-release tablets in the strengths of 750 mg and 1500 mg, it said in a regulatory filing.
The medication is a mineral supplement used to treat or prevent low amounts of potassium in the blood and will be manufactured at the group's formulation manufacturing facility at the SEZ, Ahmedabad.
Cadila is in talks with the Russian Direct Investment Fund (RDIF) to bring coronavirus vaccine Sputnik V in India. RDIF and Dr Reddy's Laboratories have joined hands on clinical trials and distribution of Sputnik V in India.
On a consolidated basis, the company's net profit surged 49.53% to ₹454 crore for the quarter ended 30 June against ₹303.60 crore for the same quarter last year. Net sales rose 4.20% to ₹3,549.30 crore in Q1 June 2020 over ₹3406.20 crore in Q1 June 2019.
From the beginning of the year, Cadila Healthcare gained 63% against a fall of 5% in the benchmark index, Sensex. From March lows, the stock gained 95% while Sensex was up 33%.
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