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Bajaj Healthcare soars 7% after pact with European firm for new API
Source: Business Standard
Bajaj Healthcare share price surged 6.78 per cent at Rs 404.30 per share on the BSE in Monday’s intraday deals. Bajaj Healthcare stock price jumped after the company said that it has partnered with a European entity for developing an active pharmaceutical ingredient (API). An API is the main ingredient in any drug that produces desired effects of the medication.
“This is to inform you that Bajaj Healthcare has entered into a development and supply agreement for an API with a European entity,” the company said in an exchange filing on Monday.
The API after development will be initially supplied in small quantities and will be used by the company’s EU partner to carry out clinical trials for an alternative indication, the company said.
The API, however, depends on positive outcomes trials and thus will be revenue revenue neutral until those are achieved. Based on the outcome of these trials, the supplies will be done from the company’s FDA approved manufacturing facility situated at Savli, Vadodara.
Bajaj Healthcare, part of the Bajaj Group, is an API or bulk drug manufacturer headquartered in Thane. The company has established a total of 3 API plants in Gujarat and Maharashtra.
The company reported a net profit of Rs 7.1 crore for the quarter ended June 2024, compared to a loss of Rs 48 crore in the same quarter last year. Revenue from operations rose 1.9 per cent to Rs 132 crore, compared to Rs 129 crore during the previous year’s quarter.
Tha market capitalisation of Bajaj Healthcare is Rs 1,097.45 crore, according to Bombay Stock Exchange (BSE).
Its shares are trading at a price to earnings multiple of -36.73 times with an earning per share of Rs -10.31. The 52-week high of the company’s share is Rs 511 while its 52-week low is Rs 265 a piece.
At 12:48 PM, Bajaj Healthcare shares were trading 4.08 higher at Rs 394.05. In comparison, the BSE Sensex was trading 0.13 per cent higher at 84,657 levels.
First Published: Sep 23 2024 | 12:55 PM IST
