Arvind Remedies surges on plan to launch new drugs for Diabetes and Coronary heart disease

Arvind Remedies is currently trading at Rs 40.90, up by 0.75 points or 1.87% from its previous closing of Rs 40.15 on the BSE. The scrip opened at Rs 41.00 and has touched a high and low of Rs 41.15 and Rs 40.65 respectively. So far 25931 shares were traded on the counter. The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 59.95 on 08-Nov-2013 and a 52 week low of Rs. 26.50 on 08-Jul-2013. Last one week high and low of the scrip stood at Rs 41.60 and Rs 38.55 respectively. The current market cap of the company is Rs 273.53 crore. The promoters holding in the company stood at 36.15% while Institutions and Non-Institutions held 0.09% and 63.76% respectively. Arvind Remedies has signed Memorandum of Understanding (MoU) with SRM University, Chennai, to transfer the patent right to undertake exclusive manufacturing and marketing of drugs for Type II Diabetes and Coronary heart disease. These drugs will be manufactured in the form of tablets and will be launched in the domestic market by 2015 followed by the global market. The Diabetes drug is from the botanical source to ensure zero side effects on the health of patients. Arvind Remedies is engaged in the manufacturing of pharmaceutical formulations such as tablets, capsules (including soft gels), ointments and liquids. ARL markets its products in the institutional (primarily government organizations) and ethical segments, with institutional segment contributing to 70% of the total revenues.