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Shares of Gufic Biosciences (Gufic) hit a 52-week high of Rs 283.50 after they rallied 14 per cent on the BSE in Tuesday’s intra-day trade on the back of heavy volumes on improved business outlook.
At 09:51 AM, the stock was trading 11 per cent higher at Rs 274.75, as compared to 0.70 per cent decline in the S&P BSE Sensex. Trading volumes on the counter jumped over five-fold with a combined 2.01 million equity shares having changed hands on the NSE and BSE till the time of writing of this report.
Gufic, on Monday, announced that it has received permission from Central Licensing Approving Authority, Central Drugs Standard Control Organisation (CDSCO), Ministry of Health and Family Welfare for manufacture, sale and distribution of Isavuconazonium Sulfate API and finished formulation Isavuconazole for Injection 200 mg/vial.
Isavuconazole for Injection 200 mg/vial is indicated for the treatment of patients above 18 years of age for the treatment of Invasive Aspergillosis and Invasive Mucormycosis.
Last week, too, Gufic had received DCGI approval for Thymosin Alpha-1 (Immunocin α – A Brand of Gufic for the said drug) as an add-on therapy for the treatment of moderate-to-severe COVID-19 patients requiring ventilator support (NIV as well as Mechanical Ventilation). Immunocin α, an Immuno-modulator drug, significantly reduced the risk of death in the Phase 3 Clinical trial in adult patients with moderate-to-severe Covid-19.
Meanwhile, rating agency CRISIL Ratings has revised the company’s outlook on the long-term bank facilities of Gufic to ‘Positive’ from ‘Stable’, while reaffirming the rating at ‘CRISIL BBB+’ and has assigned its ‘CRISIL A2’ rating to the short-term bank facility.
“The outlook revision reflects improvement in GBL’s business risk profile in fiscal 2022, marked by expected revenue of Rs 750 crore, increase from Rs 488 crore in fiscal 2021, driven by capacity expansion and higher revenue from critical drugs. Operating profitability improved in fiscal 2021 to 17.6 per cent and expected to sustain in fiscal 2022,” the agency said.
It added: With further capacity expansion in FY2023, revenue is expected to grow in future years. Hence, sustenance of operating margin and revenue growth will remain key rating sensitivity factors. Financial profile and liquidity continue to be strong. CLICK HERE FOR DETAILS
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