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Hot Pursuit
22-Dec-23
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Medplus slides after arm’s suspension of drug license
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Medplus slipped 3.09% to Rs 723.50 after the firm informed that Drugs and Control Authority, Government of Telangana, suspended license of a subsidiary company for five days effective from 20 December 2023.
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The order has been passed due to violation of various conditions of licenses by Medplus Health Services’ subsidiary, according to an exchange filing.
The filing stated that there were “Violation of various conditions of licences pursuant to provisions of Section 65 / Rule 65 of Drugs and Cosmetics Act, 1940 and Drugs and Cosmetics Rules, 1945.”
Medplus Health Services is in the business of pathological laboratory testing and manufacturing, wholesale trading and contract manufacturing of pharma, fast-moving consumer goods and beauty products and rendering of management services to group companies and holds investments in subsidiary companies.
Medplus reported consolidated net profit of Rs 14.56 crore in Q2 FY24, steeply higher than Rs 6.57 crore posted in Q2 FY23. Net sales jumped 25.7% to Rs 1,408.59 crore in the quarter ended 30 September 2023.
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