Medplus Health Services Shares Rise 3% Despite Subsidiary's Drug License Suspension

26 Feb 2024 , 03:04 PM

Medplus Health Services shares rise by 3% in early trade on February 26, despite a subsidiary receiving a suspension order from Drugs and Control Authorities of Mahabubnagar, Telangana. At the time of writing, Medplus Health Services is trading at ₹702.95, up 2.30%, on the BSE.

The assistant director of Drugs Control Administration, Mahabubnagar, Telangana, issued a temporary nine-day suspension of drug license to a store in Wanaparthy, Mahabubnagar.

The company received the suspension order on February 23, estimating a potential revenue loss of ₹1.63 Lakh. Earlier this month, the Thane Food and Drug Administration suspended the drug license for the store in Khopat Thane for 15 days for violating various conditions.

In January, the company received suspension orders for six days for the store at Shankarayapally Jadcherla and seven days for a store at Hayath Nagar, both from the assistant director and drug sales licensing authority of the Drug Control Administration, Mahabubnagar TS.

The company reported a 2.4% rise in net profit at ₹13.73 Crore in the quarter ended December 2023. Medplus Health Services’ stock touched a 52-week high of ₹977.45 and a 52-week low of ₹597.95 on July 31, 2023, and February 14, 2024, respectively. Currently, the stock is trading 27.35% below its 52-week high and 18.76% above its 52-week low.

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