Torrent Gujarat Biotech Limited
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BSE Code:
523856
NSE Code:
TORRENGUJ
Business Profile
Business Profile
Torrent Gujarat Biotech (TORGUJBI) was established in 1992 with the intention of making available the then scarce life-saving drug Penicillin through the fermentation technology developed by the Torrent group.
The penicillin plant was commissioned in June 1995 with an installed capacity of 1,500 MMU penicillin production per year. With the aim of value addition through forward integration, the company commissioned a downstream plant to produce semi-synthetic penicillin and semi-synthetic cephalosporin products in 1996 with an installed capacity of 820 MT combined production per year. TGBL offers the entire range of beta-lactum products; namely amoxycillin trihydrate, ampicillin trihydrate and cloxacillin sodium to a large number of customers in India, Europe, Latin America and Asia. It is also a recognized export house.
Pencillin became importable without any restrictions. The domestic market has fallen down. The penicillin industry is facing an onslaught of import from China at unremunerative prices. Meanwhile, the European Union imposed a countervailing duty of 28.1% in 2005 on the amoxycillin imported from the company making the product less competitive in European markets. Due to all these reasons, TORGUJBI suspended the production of Penicillin-G from April 2005 and derivatives from June 2005.
It has sold out its manufacturing facility of Penicillin-G in Masar village, Vadodara to Sterling Biotech.
Financials
Torrent Gujarat Biotech announced that it has swung to a profit for the quarter ended March 2007.Total income dipped 86.52% to Rs 1.9 million, from Rs 14.1 million for the quarter ended March 2006.The earnings per share (EPS) of the company stood at Rs 0.03 in the quarter ended March 2007 .
Recent Developments
30-MAR-06
With reference to the earlier announcement regarding signing of memorandum of understanding (MOU) with Sterling Biotech to sell the manufacturing facility at Village : Masar, Dist : Baroda, Gujarat, as an asset sale, for a consideration of Rs 550 million, in an all cash deal, Torrent Gujarat Biotech has informed BSE that the above transaction has been consummated on March 30, 2006.