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Bajaj Healthcare shares hit new 52-week high after receiving DRDO nod to manufacture, sell its COVID-19 drug

Bajaj Healthcare said in a regulatory filing that it has received a licence from Defence Research and Development Organisation (DRDO) to Manufacture and Market of ‘2-Deoxy-D-Glucose’ as approved medication for the treatment of COVID-19 patients.

July 08, 2021 / 10:47 AM IST
2-DG COVID-19 treatment drug developed by DRDO (Image: Twitter/ Dr Reddy's)

2-DG COVID-19 treatment drug developed by DRDO (Image: Twitter/ Dr Reddy's)

 
 
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Bajaj Healthcare share price jumped over 9 percent in the morning session on July 8, a day after the company received a licence from the Defence Research and Development Organisation (DRDO) to manufacture and sell its anti-COVID-19 drug.

On July 7, Bajaj received DRDO approval to manufacture and sell its anti-COVID-19 drug 2-Deoxy-D-glucose aka 2DG.

Bajaj Healthcare said in a regulatory filing that it has received a licence from Defence Research and Development Organisation (DRDO) to Manufacture and Market of ‘2-Deoxy-D-Glucose’ as approved medication for the treatment of COVID-19 patients.

A Live Mint report quoted Anil Jain, Joint Managing Director, Bajaj Healthcare, as saying: "We are pleased to add 2-Deoxy-D-Glucose to our growing product portfolios after receiving the license from DRDO. Our countries medical infrastructure is really struggling with the scarcity of oxygen capacities. We hope the availability of an effective treatment such as 2-DG will considerably ease the pressure and offer patients much-needed and timely therapy option. Most patients ailing from moderate to severe symptoms can benefit from its use."

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The stock was trading at Rs 994.00, up Rs 82.90, or 9.10 percent. It has touched a 52-week high of Rs 1,009.80. It has touched an intraday high of Rs 1,009.80 and an intraday low of Rs 928.40.

The company reported net profit in the March quarter which was up 69.43 percent at Rs 21.28 crore on the back of higher sales and lower raw material costs which helped the growth in profits.

It reported an 11.54 percent YoY rise in consolidated net revenues for the March 2021 quarter at Rs 132.18 crore. On a sequential basis, net sales revenues were down 25.88 percent compared to total revenues in the December 2020 quarter at Rs 178.33 crore.

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Moneycontrol News
first published: Jul 8, 2021 10:47 am

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