Shares of Granules India Ltd. gained after the company got the U.S. regulator's approval for its drug to treat symptoms of diarrhea.
"The U.S. Food and Drug Administration has approved its abbreviated new drug application for Loperamide Hydrochloride and Simethicone Tablets," according to an exchange filing. It is the bioequivalent to the reference listed drug product, Imodium, made by Johnson & Johnson Consumer Inc.
"Loperamide Hydrochloride and Simethicone Tablets are indicated to relieve symptoms of diarrhea plus bloating, pressure and cramps, commonly referred to as gas," it said. "The Imodium brand and store brands had combined U.S. sales of approximately $60 million for the most recent twelve months."
Shares of the company gained as much as 1.95%, the most in two sessions to Rs 307.9 apiece before ending 1.4% higher on Tuesday. Of the eight analysts tracking the company, seven maintain a ‘buy' and one suggests a ‘hold', according to Bloomberg data. The 12-month consensus price target implies a 11.1% upside.
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