Alembic Pharmaceuticals Ltd surges 8% today; know why?

Alembic Pharmaceuticals Limited is a pharmaceutical company engaged in the business of development, manufacturing, and marketing of Formulations and Active Pharmaceutical Ingredients (API).

On November 2, the market is trading in the red. At 12.50 pm, the S&P BSE Sensex is trading flat at 60750, down 0.33%, while NIFTY50 is trading at 18,013.10, down 0.4%. About sectoral performance, Banks and FMCG are the top gainers, while Power and Utilities are among the top losers. Regarding stock-specific action, Alembic Pharmaceuticals Ltd is significantly outperforming the market today.

Shares of Alembic Pharmaceuticals Ltd have surged 8.36% and are trading at Rs 663.4, as of 12:50 pm. The stock opened at Rs 608.70 and so far, has made an intraday high and low of Rs 675 and Rs 603.55, respectively. The stock is gaining momentum upwards as the company has received USFDA approval for three of its new products.

Alembic Pharmaceuticals Limited is a pharmaceutical company engaged in the business of development, manufacturing, and marketing of Formulations and Active Pharmaceutical Ingredients (API).

On November 1, the company announced its USFDA approval for the Glycopyrrolate Injection product. Today, the company disclosed receiving approval for its Ketorolac Tromethamine Injection.

For FY22, on a consolidated basis, the company reported a revenue of Rs 5306 crore and a net profit of Rs 521 crore. For the June quarter, the revenue figure stood at Rs 1262 crore. For the same quarter, however, the company incurred a net loss of Rs 66 crore.

About the shareholding pattern, 69.61% of the company’s stake is owned by the promoters, 5.32% by FIIs, 12.55% by DIIs, and the rest 12.52% by non-institutional investors.

The company has a market capitalisation of Rs 13,042 crore and is currently trading at a PE multiple of 43.9x. The stock has a 52-week high and low of Rs 849 and Rs 540, respectively.

Alembic Pharmaceuticals will be releasing September quarterly results on November 11. So, keep an eye on the stock for the upcoming days.