homebusiness Newscompanies NewsDivi's Laboratories shares see best day in 18 months as exports improve in March
Divi's Laboratories shares see best day in 18 months as exports improve in March
The data showed little or no sales of Molnupiravir for March 2023 against peak sales of $52 million in March 2022.
Shares of pharma company Divi's Laboratories Ltd surged as much as 7.5 percent to emerge as the top gainer on the Nifty 50 index on Wednesday following a recovery in the company’s export sales in the month of March,
According to analysts, the company’s exports, excluding Molnupiravir, have recovered in March to $92 million against $70 million in the year-ago month.
The export value in March 2023 is the highest since January 2021 and is also higher than the run rate of $50-60 million over the past few months.
According to analysts, the bump-up in March has been aided by higher custom synthesis sales.
Supplies of active pharmaceutical ingredients (API) of heart failure drug Sacubitril to Novartis could have added around $ 15-17 million in March sales.
The data showed little or no sales of Molnupiravir for March 2023 against peak sales of $52 million in March 2022. What remains to be seen is whether this trend can sustain or it turns out to be a one-off due to the year-end.
Divi's Laboratories is an Indian multinational pharmaceutical company and producer of active pharmaceutical ingredients and intermediates, headquartered in Hyderabad. The company manufactures and custom synthesizes generic APIs, and intermediates.
The company is Merck Sharp & Dohme's (MSD) authorised manufacturer of Molnupiravir API and it is allowed to supply the API to MSD's partners in India.
Shares of Divi's Laboratories are trading 7.2 percent higher at Rs 3,138.4, logging its best single-day gain since October 4 2021. The stock remains the top gainer on the Nifty 50 index.
The stock has now gained in seven out of the last eight trading sessions. It has now recovered nearly 12 percent from its 52-week low of Rs 2,730, which it fell to on March 14 this year. However, the stock is still 30 percent below its 52-week high of Rs 4,640.
(Edited by : Rukmani Krishna)
First Published: Apr 12, 2023 12:10 PM IST
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