Market this week 11-2-2022

Market this week 11-2-2022
  • The stock of Glenmark Pharma has risen 2% since the announcement of a nasal spray for COVID-19 patients.
  • Wockhardt gains 5% after receiving approval to export up to 100 million Sputnik vaccination doses.
  • Serum Institute of India reduces its holdings in Panacea Biotec, with the stock trading in the lower circuit.
  • In just seven weeks, Sharda Cropchem has increased by more than 100%.
  • Balaji Amines’ stock has risen 10% as a result of strong earnings growth.

The stock of Glenmark Pharma has risen 2% since the announcement of a nasal spray for COVID-19 patients.

Glenmark Pharmaceuticals’ stock jumped 2% in early trading on February 9 after the firm announced the launch of a nitric oxide nasal spray (NONS) for COVID-19 patients in India.

Glenmark Pharma and SaNOtize Research & Development Corp, a Canadian pharmaceutical business, today announced the launch of FabiSpray, a nitric oxide nasal spray for the treatment of adult patients with COVID-19 who have a high risk of disease progression.

As part of the fast approval procedure, Glenmark gained manufacturing and marketing approval from the Drugs Controller General of India (DCGI) for the nitric oxide nasal spray (NONS).

Wockhardt gains 5% after receiving approval to export up to 100 million Sputnik vaccination doses.

On February 8, Wockhardt’s stock jumped 5% intraday to Rs 408.10 after the company received approval from the DCGI (Drugs Controller General of India) to export up to 100 million doses of Sputnik vaccines.

Wockhardt has been granted permission to export up to 80 million Sputnik Light vaccine doses and up to 20 million Sputnik V Component I vaccine doses. This follows an inspection and approval of Wockhardt’s bulk vaccine and fill-finish facilities in Waluj and Shendra, Aurangabad.

Based on a technology transfer from Gamaleya National Research Institute of Epidemiology and Microbiology, Wockhardt has signed an agreement with Russian Direct Investment Fund and Enso Healthcare to develop and supply Sputnik V and Sputnik Light vaccines against COVID-19.

Serum Institute of India reduces its holdings in Panacea Biotec, with the stock trading in the lower circuit.

On February 4, Panacea Biotec’s stock price was stuck in a 5% lower range after Serum Institute of India reduced its investment in the firm.

On the NSE, the stock finished at Rs 329.20, down 5%, continuing its downward trend. In the last eight months, the stock has lost more than 25% of its value. According to the bulk deals statistics, Serum Institute of India, a vaccines and immunobiologicals company, sold 3.58 lakh equity shares in Panacea Biotec, representing 0.58 percent of total holdings on the NSE.

The shares were sold at a price of Rs 278.15 per share by Serum Institute. As of December 2021, the Cyrus Poonawalla-controlled biotechnology company owned 8.59 percent of the corporation, or 52,63,920 shares.

In just seven weeks, Sharda Cropchem has increased by more than 100%.

Sharda Cropchem Ltd’s stock has risen more than 100% in the last seven weeks, owing to a positive prognosis for the agrochemical business.

The stock has traded higher for eight of the previous nine days, after rising 116 percent since December 21. It has increased by roughly 90% so far this year. The stock was trading at Rs 668.65 on the BSE at 1:44 p.m., up 8% from its previous close.

Last week, the company announced good third-quarter revenues of Rs 880 crore, up 78 percent year on year, thanks to significant volume increase (51 percent) and greater realisation (27 percent ). Agrochemical sales increased by 80% year on year to Rs 720 crore, while non-agrochemical sales increased by 71% to Rs 160 crore. The company’s net profit increased by 112 percent to Rs 100 crore.

Balaji Amines’ stock has risen 10% as a result of strong earnings growth.

Balaji Amines, a specialty chemicals maker, saw its stock rise 10% intraday on February 3 on the back of significant earnings growth, albeit sales volume fell due to a brief factory stoppage in the quarter ending December 2021.

Despite a decline in sales volume, the company recorded a nearly 29 percent year-on-year gain in consolidated profit at Rs 101.59 crore and a 44.1 percent year-on-year increase in consolidated revenue at Rs 564.89 crore for the December 2021 quarter.

In a BSE filing, the aliphatic amines and specialty chemicals company reported volumes for Q3FY22 were 27,589 million tonnes, down 13.77 percent from 31,993 million tonnes in the previous year. Profit jumped 15.4 percent sequentially, while revenue increased 7.4% to Rs 564.89 crore for the period.

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