Shares of this pharma stock under the ‘micro-cap’ category jumped around 3 percent in Wednesday’s trading session after the company received marketing approvals for cancer drugs in Serbian markets. During the last six months, the company’s stock has gained more than 50 percent.
With a market capitalization of Rs 320.41 crores, the stocks of Venus Remedies Limited started their trading session on Wednesday at Rs 240.90 and currently trade at Rs 239.70, gaining around 3 percent as compared to the previous closing levels of Rs 233.20 apiece.
Such stock price movements were witnessed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE) dated 20th September 2023, intimated the receipt of marketing authorization for ‘Gemcitabine’ and ‘Docetaxel’, two of the most widely used drugs for the treatment of various types of cancer.
Adding the above to its portfolio, the company has secured 511 marketing approvals for its ‘Oncology’ products across 66 countries.
“We have more than 40 marketing authorisations in South Eastern Europe and Balkan region, including nine for oncology drugs, and we are now banking on the product registrations for gemcitabine and docetaxel from Serbla to pave the way for faster approvals for cancer medicines in other countries ln this part of Europe.”, commented Ms. Aditl K. Chaudhary, President, International Business, Venus Remedies.
During recent financial years, the company’s financial performance has been lowering with the operating revenues going down from Rs 600.18 crores during FY21-22 to Rs 555.51 crores during FY22-23. Moreover, the after-tax profits of the company reduced from Rs 40.72 crores to Rs 26.57 crores keeping the timeframe the same.
On a contrasting note, the company has been successful in reducing its debt-to-equity ratio with the most recent movement being from 0.1 times during FY21-22 to 0.09 times during FY22-23.
The latest shareholding pattern data of the company showcases the Promoters holding a 41.76 percent stake, and the Foreign Institutional Investors (FIIs) holding a 0.98 percent stake in the company.
Venus Remedies Limited is a drug manufacturer based in India that is engaged in the business of manufacturing as well as trading pharmaceutical products. It produces food supplements containing minerals, dietary fibers, and vitamins, among others.
Written by Amit Madnani
