Shares of Orchid Pharma were locked in upper circuit for the 40th straight trading day, up 5 per cent at Rs 120.13 on the BSE on Wednesday. The stock has zoomed 567 per cent from the level of Rs 18, since its relisting on November 3, 2020.
Till 12:35 pm, a combined only 83 equity shares had changed hands and there were pending buy orders for 135,000 shares on the BSE and NSE, the exchange data shows. In comparison, the S&P BSE Sensex was down 0.28 per cent at 47,478 points.
Currently, Orchid Pharma is trading under T group on the BSE. In the T2T segment, each trade has to result in delivery and no intra-day netting of positions is allowed.
According to latest shareholding pattern data, the promoter Dhanuka Laboratories held 98.04 per cent stake in Orchid Pharma. The public shareholders held a mere 2 per cent holding, of which, 1 per cent stake are with the financial institutions and banks, while individual shareholders held 0.55 per cent stake in the company, the data shows.
On March 31, 2020, the resolution plan under Corporate Insolvency Resolution Process (CIRP) has been implemented and the Board has been re-constituted with the members nominated by Dhanuka Laboratories, Haryana, India, the resolution applicant.
Orchid Pharma has become a subsidiary of Dhanuka Laboratories, Gurgaon, India with effect from March 31, 2020 pursuant to the allotment of 40 million equity shares of Rs 10 each in accordance with the approved Resolution Plan.
The company’s new management said the Huge efforts are required towards regaining the confidence of various stakeholders and rebuilding the organisation to greater heights. With the implementation of the Resolution Plan, the Company is hopeful and confident of accomplishing improved sales and EBIDTA (earnings before interest, taxes, depreciation, and amortization) during the course of time, it said in financial year 2019-20 (FY20) annual report.
During FY20, API manufacturing facility located at Alathur, Tamil Nadu and FDF manufacturing facility located at Irrungattukottai, Tamil Nadu underwent inspection by US FDA regulatory agency. The inspection was successfully completed and later US FDA has issued Establishment Inspection Report (EIR) for both the facilities, the company said.
In the generic formulations domain, Orchid's cumulative abbreviated new drug application (ANDA) approvals for the US market stood at 40. This includes 8 Para IV FTF (First-To-File) lings. In the European Union (EU) region, the cumulative count of Marketing Authorisation (MA) active approvals stood at 2 in the NPNC segment. In the API (Active Pharmaceutical Ingredients) domain, Orchid's cumulative lings of US DMF stand at 76, it said.
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