Astrazeneca Pharma hits 20% UC

Shares of AstaraZeneca pharma are locked in 20% upper circuit (UC), being frozen at a price of Rs. 1,145.50 per share on NSE. Close to 6.5 lakh shares have been traded on both the exchanges i.e. 2.6% equity has changed hands in first two hours of trade, as company has equity of Rs 5 crore of face value Rs. 2 each. The counter is now only buyer, with outstanding buy quantity of over 22,000 shares on NSE and over 17,000 shares on BSE.

Company has today, announced the launch of a breakthrough treatment for Type 2 diabetes mellitus in India - Forxiga (dapaglifozin) tablet, which is the first medicine to gain global approval and is currently being sold across 40 countries. This medicine received approval from Drugs Controller General of India in February and is currently being sold in the domestic market since May. India, having an estimated 63 million people suffering from diabetes, has a huge market size.

The company is a 75% subsidiary of Swedish parent Astra Pharma and its delisting process is pending litigation with SAT. Its shareholding pattern on 31.03.15 reveals FIIs hold 15.68%, of which 6 of them hold 15.52% stake. Thus, less than 10% is retail float. For FY15, company reported revenue of Rs. 517 crore and net loss of Rs. 21 crore, resulting in EPS of negative Rs.8.