Bajaj Healthcare gains post launching drug effective for COVID patients
Bajaj Healthcare Limited (BHL) announced on Tuesday that it has launched Favijaj (Favipiravir), an antiviral drug used for treating patients suffering from the influenza virus. The company informed that the drug has proven to be quite effective over COVID patients.
BHL received approval from India's drug regulator to manufacture and market 'Favijaj', the oral Favipiravir approved medication in India for the treatment of COVID-19 from May 4, 2021.
Reacting to this, the company’s stock today increased by 6.17 per cent and made an intraday high of Rs 619 per share at 9.18 am.
Besides, the company reported a net profit of Rs 26.42 crore in Q3FY21. It had reported a profit of Rs 6.19 crore in Q3FY20, which is an increase of 326.59 per cent. The company reported net sales of Rs 178.33 crore for Q3FY21, an increase of 79.64 per cent as against the net sales of Rs 99.27 crore for Q3FY20.
Bajaj Healthcare is a leading manufacturer of APIs, intermediates & formulations.
According to BSE data, the stock traded at a P/E multiple of 11.26 and a price-to-book ratio of 3.77. It has a 52-week high and a 52-week low of Rs 619 and Rs 238, respectively.
At 2.22 pm, the stock of the company was trading at Rs 592, up by 1.54 per cent on BSE.