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Microcap stock jumps 8% after it secured a contract from UNICEF to supply antibiotic product

Published 13-06-2024, 02:34 pm
Microcap stock jumps 8% after it secured a contract  from UNICEF to supply antibiotic product
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Share price of a company among the 10 leading fixed-dosage injectable manufacturers in the world, surged 8.4 percent to Rs. 384.95 in Thursday’s trading session, after the company secured a supply contract for its antibiotic product Ceftriaxone from UNICEF.

At 01:01 p.m., the shares of Venus Remedies Ltd (NS:VENR) were trading in the green at Rs. 382.05, up by 7.6 percent, as against its previous closing price of Rs. 355.15, with a market capitalisation of Rs. 510.7 crore.

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Venus Remedies informed the stock exchanges about securing a supply contract for its antibiotic product, Ceftriaxone 1gm, from UNICEF in the Beta Lactam tender.

“UNICEF’s decision to award the tender to Venus Remedies Limited is a testament to our relentless pursuit of excellence in healthcare. Our Ceftriaxone 1gm product has met and surpassed stringent quality criteria, demonstrating our dedication to producing top-tier pharmaceutical solutions,” the company mentioned in the filings.

Earlier on 11th March, the company secured Good Manufacturing Practices (GMP) approval from the UNICEF to supply Cephalosporin antibiotics for treating infections.

On a quarter-on-quarter basis, the company’s consolidated revenue from operations stood at Rs. 195.2 crore in Q4 FY23-24, increasing by 36 percent from Rs. 143.42 crore in Q3 FY23-24.

The after-tax profit grew from Rs. 6.85 crore in Q3 FY23-24 to Rs. 10.51 crore in Q4 FY23-24, indicating a growth of 53.4 percent YoY.

The return on equity (ROE) stood at 5.84 percent in FY23-24, up from 5.77 percent in FY22-23, and a rise in the Return on Capital Employed (ROCE) from 7.37 percent in FY22-23 to 8.17 percent in FY23-24.

The stock has delivered positive returns of nearly 63 percent in one year, but around 3.4 percent of negative returns in the last six months.

Venus Remedies Limited is one of the handful player in the pharmaceutical sector to launch injectables globally, and has manufacturing facilities in Panchkula and Baddi, and an R&D centre under the name of Venus Medicine Research Centre (in India).

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Written by Shivani Singh

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