Shalby subsidiary receives license for import of medical devices; Stock soars ~4%

10 Feb 2022 , 12:41 PM

Shalby Limited’s wholly-owned subsidiary of Mars Medical Devices Limited, has received Import License from Central Drugs Standard Control Organization, Ministry of Health and Family Welfare, Govt. of India, for import of Medical Devices for the complete range of Joint replacement products i.e. Total Knee System, Total Hip System, etc. from M/s Shalby Advanced Technologies Inc. USA (Step-down subsidiary of the Company) on Wednesday.

This development is fully in line with the company’s stated strategy to grow our orthopedic implant business and establish our footprint in the Medical device market in India. This is a big milestone achieved by the Shalby group in its journey to serve many more patients in India, company said.

At around 12.45 pm, Shalby Ltd was trading at Rs143.70 per share up by Rs5.2 or 3.75% from its previous closing of Rs138.50 per share on the BSE.

The synergies between the businesses are compelling and will bring in immediate benefits of sourcing US FDA approved quality implants into India across our hospital group including franchise networks as well as build a brand of repute amongst orthopaedic surgeons in India through our distribution channels.

Shalby Ltd has performed more than 1,30,000 joint replacement surgeries so far and continues to be the leader in India and globally in terms of the volume of surgeries performed annually.