The company made the announcement during trading hours today, 9 February 2010. At the day's low of Rs 270, the stock shed 1.51%.
Meanwhile, the BSE Sensex was down 30.82 points, or 0.19% to 15,904.79.
On BSE, 1.22 lakh shares were traded in the counter as against an average daily volume of 2.19 lakh shares in the past one quarter.
The stock hit a high of Rs 290.70 and a low of Rs 270 so far during the day. The stock had hit a 52-week high of Rs 313.15 on 22 January 2010 and a lifetime low of Rs 60.65 on 5 March 2009.
The mid-cap stock had outperformed the market over the past one month till 8 February 2010, rising 9.03% as compared to the Sensex's 9.15% fall. It had also outperformed the market in the past one quarter, surging 66.71% as compared to the Sensex's decline of 1.38%.
The company's equity capital is Rs 40.23 crore. Face value per share is Rs 10.
The current price of Rs 289.40 discounts the company's Q3 September 2009 annualized EPS of Rs 4.21, by a PE multiple of 68.74.
Labetalol is a generic equivalent of Prometheus Laboratories Trandate (Labetalol HCL) Injection and is used for the treatment of blood pressure in severe hypertension, the firm said in a statement.
Labetalol is the third product the Indian drugmaker has launched in collaboration with Sagent Pharmaceuticals.
In early January 2010, Strides Arcolab entered an agreement with Pfizer to supply non-patent injectable and oral drugs. As per the deal, global pharma major Pfizer will source 40 off-patent (generic) cancer care products from Strides Arcolab and sell the products in the United States.
Strides Arcolab reported a net profit of Rs 4.23 crore in Q3 September 2009 as against a net loss of Rs 51.68 crore in Q3 September 2008. Net sales fell 0.3% to Rs 165.79 crore in Q3 September 2009 over Q3 September 2008.
Strides Arcolab manufactures a variety of pharmaceutical products that are distributed in over 35 countries. The group's therapeutic portfolio includes steroids, cephalosporins, antibiotics, vitamins, and analgesics. Strides Arcolab also runs a contract research and manufacturing division.