The company made this announcement during trading hours today, 15 March 2010.
Meanwhile, the BSE Sensex was down 74.92 points, or 0.44% to 17,091.70.
On BSE, 12,864 shares were traded in the counter as against an average daily volume of 18,891 shares in the past one quarter.
The stock hit a high of Rs 248 and a low of Rs 236 so far during the day. The stock had hit a 52-week high of Rs 312 on 1 September 2009 and a 52-week low of Rs 145 on 3 March 2009.
The small-cap stock had underperformed the market over the past one month till 12 March 2010, gaining 4.20% as compared to the Sensex's 6.28% rise. It had also underperformed the market in the past one quarter, falling 1.61% as compared to the Sensex's return of 0.28%.
The company's equity capital is Rs 8.47 crore. Face value per share is Rs 10.
The current price of Rs 242.35 discounts the company's Q3 December 2009 annualized EPS of Rs 51.66, by a PE multiple of 4.69.
Sulbactomax is a fixed dose combination of beta lactam antibiotic certriaxone sodium and beta lactamase inhibitor sulbactam sodium. At present, the company is marketing this drug in India and in seven other countries. Venus is in the advanced stages of filing common technical document (CTD) for this product in Europe, it said in a filing with BSE.
Venus Remedies' net profit rose 10.3% to Rs 10.94 crore on 17.4% increase in net sales to Rs 76.48 crore in Q3 December 2009 over Q3 December 2008.
The company is engaged in manufacture and trading in medicines. Its products include parenterals like cephalosporins, carbapenems and oncology drugs in lyophilized form, infusions and small volume parenterals. The manufacturing plants are located in India and Germany. It exports pharmaceutical products to North America and European Union countries.
Promoters have pledged 18.70 lakh shares representing 22.07% of the equity capital of the company. The total promoters shareholding in the company is 25.68% (as on 31 December 2009).