Saridon gets exemption from ban
The Supreme Court of India has given a decision in favour of popular painkiller Saridon by exempting its formulation from the list of banned FDCs (Fixed Dose Combinations).
In September 2018, the company had been given a stay order from the Supreme Court on the ban, which allowed it to continue manufacturing, distribution and sale of the FDC. Saridon is a heritage brand from the healthcare product portfolio of Piramal Enterprises. It is amongst India’s most widely distributed analgesic tablets with a strong distribution network across 9 lakh outlets in India.
Piramal Enterprises is a diversified company with a presence in Financial Services, Pharmaceuticals and Healthcare Insights & Analytics. Its revenue mix comprises of Financial Services (54 per cent), Pharma (35 per cent) and Healthcare Insight and Analytics (11 per cent). The company’s Pharma revenue has grown at 16 per cent CAGR over the last 8 years.
On Thursday, the stock opened at Rs. 2,220.80 per share and made an intra-day high and low of Rs. 2231.80 and Rs. 2197.45, respectively on the BSE. The stock had hit its 52-week high of Rs. 3,302.55 on August 31, 2018 and its 52-week low of Rs. 1,796.75 on October 26, 2018 on the BSE. At 13:15 hours, the stock was trading nearly Rs. 2,222 per share.