Shares of Alkem Laboratories gained 1.6 percent intraday on February 12 after a media report indicated that the company's Baddi unit received approval from German health regulator.
The stock was one of the biggest gainers among pharma stocks in the last three months, rallying 36 percent. It was quoting at Rs 2,669.90, up Rs 36.70, or 1.39 percent on the BSE at 10:33 hours.
The company's Baddi unit has received approval from the German health regulator to export some drugs, reported Cogencis.
The German drug regulator had audited Alkem's Baddi unit on November 26, 2019.
Meanwhile, the company had reported a healthy 88.60 percent year-on-year growth in consolidated profit at Rs 381.98 crore for the quarter ended December 2019, driven by lower tax expenses, higher other income and operating income.
Consolidated revenue during the quarter grew by 13.3 percent YoY to Rs 2,181.84 crore, while earnings before interest, tax, depreciation and amortisation climbed 44.6 percent YoY to Rs 453.2 crore and margin expanded 450 bps to 20.8 percent in Q3FY20.
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