Morepen Labs: COVID-19 benefit

Shares of the Delhi-based pharma company are locked in a 10% upper circuit at Rs 16 on receipt of the license to manufacture Hydroxychloroquine (HCQ) from the State Drug Controller in Himachal Pradesh. The drug will be manufactured at its Baddi unit.

Shares of the company with a market capitalisation of Rs 719.2 crore snapped a two-day losing streak in today’s trading session. The stock price surged over 73% in the last 1 month.

Meanwhile, the drug maker has also informed about launching a wide range of essential products being required to combat the growing menace of COVID-19 and to prevent further spread of this disease in the country.

These include non-contact Infrared thermometers, alcohol-based hand sanitizers, hand wash, hand rubs and face masks.

Morepen Lab is working round the clock to maintain regular supply of all essential items and medical supplies required in the process even during these difficult times.

For the fiscal third quarter to Dec 2019, Morepen Lab reported a 21.3% rise in its Net Profit after Tax (Consolidated) in Q3 FY2019-20 at Rs 10.81 crore as compared to Rs 8.91 crore net profit registered in the corresponding quarter of the previous fiscal.

Net sales Revenue (Consolidated) during Q3 FY 2019-20 stood at Rs 226.91 crore, registering a growth of 8.9% as compared to the Net Sales Revenue of Rs 208.46 crore in the corresponding quarter of the previous fiscal.

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