Trending stock: Medicamen Biotech surge by 4 per cent

The shares of Medicamen Biotech Limited (MBL) were rallying up by 4 per cent during the early trade on Monday after the company announced that it has planned to conduct its annual general meeting on September 25, 2020, wherein, the board has proposed a dividend of Re 0.5, which is 5 per cent per equity share of Rs 10. The dividend will be paid to those shareholders, whose name appears in the ‘register of members’ as on September 18, 2020.

MBL has two manufacturing plants at Bhiwadi (Rajasthan) and Haridwar (Uttarakhand), which is approved in over 35 countries including Brazilian Health Regulatory Agency (ANVISA). Now, the company has completed a new FDA, USA compliant facility, adjoining the existing Haridwar plant to manufacture the oncology therapeutics.

The company is optimistic that UNICEF will approve its Bhiwadi Plant during 2020-21. A dedicated iron-folic acid plant would add further revenue to the company. The company is also planning to manufacture 20 products of which, five are top global oncology drugs. The beginning of the oncology plant shall have its first opportunity to enter in EU & US markets.

Moreover, the company has acquired an Australian company namely, Opal Pharmaceuticals, for marketing and distribution of its pharma products in Australia and New Zealand. With this, the company now has an authorisation of 14 products in Australia.

At 12.50 pm on Monday, the stock of Medicamen Biotech was trading at Rs 408.85 per share, up by 3.56 per cent or Rs 14.05 per share on BSE, against a 0.81 per cent decline in the benchmark index. The 52-week high is recorded at Rs 525 and the 52-week low is Rs 153.10 on BSE.