Shares of Venus Remedies Limited rose 2% in early trade on February 27 after all the company’s production facilities in Baddi, Himachal Pradesh, received a good manufacturing practice (GMP) certificate from the Saudi Food and Drug Authority (SFDA).

The certificate includes first-time approvals for prefilled enoxaparin syringes and general injection facilities, re-approvals for cephalosporins and carbapenem antibiotics, and liquid and liquid and lyophilised oncology drugs.

Venus Remedies shares were trading at Rs 163.90 on the BSE at 11:23 am on Monday, up Rs 3.20 or 1.99%. It touched an intraday high of Rs 167.85 and an intraday low of Rs 159.35.

The company said it had expanded its global footprint by securing marketing authorisations for its cancer-fighting generics in Uzbekistan and Palestine. With over 800 marketing authorisations worldwide, the company is committed to providing affordable generic alternatives to costlier branded drugs and improving access to affordable medicines for cancer patients in need.

“The marketing authorisation of carboplatin in Uzbekistan and docetaxel and irinotecan in Palestine strengthens the company’s position in Central Asia and the Middle East. This move will help the company gain a foothold in these emerging markets and provide affordable Cancer Treatment Options,” said Venus Remedies.

However, for the quarter that ended December 2022, the company posted a net profit of Rs 3.29 crore, down 41.73% from Rs 5.65 crore in December 2021. Net sales also fell by 5.99% from Rs 124.34 crore in December 2021 to Rs 116.90 crore in December 2022.