IOL Chemicals surges on getting Certificate of Suitability to export Paracetamol in European market

IOL Chemicals And Pharmaceuticals is currently trading at Rs. 399.75, up by 2.40 points or 0.60% from its previous closing of Rs. 397.35 on the BSE.

IOL Chemicals and Pharmaceuticals Ltd 1498800949
IOL Chemicals

The scrip opened at Rs. 398.00 and has touched a high and low of Rs. 402.50 and Rs. 388.45 respectively. So far 20136 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 441.55 on 28-Apr-2023 and a 52 week low of Rs. 272.20 on 29-Mar-2023.

Last one week high and low of the scrip stood at Rs. 417.90 and Rs. 388.45 respectively. The current market cap of the company is Rs. 2310.06 crore.

The promoters holding in the company stood at 48.19%, while Institutions and Non-Institutions held 2.66% and 49.15% respectively.

IOL Chemicals and Pharmaceuticals (IOL) has received the European Directorate for the Quality of Medicines & HealthCare’s (EDQM) Certificate of Suitability (CEP) to export Paracetamol to the European market. Paracetamol is utilised commonly in medication prescribed for pain relief and to treat fever.

The certification issued by the EDQM verifies the compliance of pharmaceutical substances and with this backing, IOL will now be able to export Paracetamol to the European continent. The company started commercial production of the same in 2022 in its Punjab-based facility where it is also backward integrated to produce the key starting material for Paracetamol.

At present, IOL has a total capacity of 3,600 tonnes to produce Paracetamol. IOL is the world’s largest producer of Ibuprofen API with 33% market share globally. Additionally, it has over 13 APIs in its portfolio, including Metformin, Fenofibrate, Lamotrigine, Clopidogrel Bisulphate, and Pantoprazole.

IOL Chemicals and Pharmaceuticals (IOLCP) is a leading organic chemicals manufacturers and suppliers.