Unichem Labs rises 5% as Porinju’s PMS firm increases stake

NEW DELHI: Shares of Unichem Laboratories climbed nearly 5 per cent in Tuesday's session after Porinju Veliyath-owned Equity Intelligence India acquired 54,850 equity shares in the company via open market transactions, increasing shareholding to 5.01 per cent from 4.93 per cent earlier.

Unichem’s scrip rose to a high of Rs 288 as against Rs 274.45 at previous close on the National Stock Exchange.

The company last month had received Abbreviated New Drug Application approval from the US Food and Drug Administration (USFDA) for Aripiprazole tablets USP; a development that had sent its share price soaring.

Aripiprazole tablets are indicated for Schizophrenia and Irritability associated with Autistic Disorder. The product will be commercialized from Unichem’s Ghaziabad Plant.

The company had reported standalone net sales for July-September at Rs 216.97 crores, down 30.22 per cent year-on-year. Consolidated net sales were at Rs 290.66 crores in the quarter under review, registering a decline of 8.46 per cent from a year ago.

The company had reported a consolidated net loss of Rs 11.48 crore for the quarter ended on June 30, 2021. The company had posted a net profit of Rs 2.43 crore for the corresponding period of the previous fiscal.

Consolidated total income of the company stood at Rs 313.70 crore in April-June as against Rs 333.93 crore for the same period a year ago.