The announcement was made during market hours today, 19 March 2014.

Meanwhile, the S&P BSE Sensex was up 2.35 points or 0.01% at 21,834.96

On BSE, so far 11,951 shares were traded in the counter with pending buy orders of 5,143 shares at upper circuit. The stock has an average daily volume of 10,341 shares in the past one quarter.

The stock hit a high of Rs 42 and a low of Rs 38.75 so far during the day. The stock had hit a 52-week high of Rs 47.50 on 6 March 2014. The stock had hit a 52-week low of Rs 8.14 on 21 May 2013.

The stock had underperformed the market over the past one month till 18 March 2014, falling 0.37% compared with the Sensex's 5.81% rise. The scrip, however, outperformed the market in past one quarter, gaining 26.98% as against Sensex's 4.66% rise.

The small-cap stock has an equity capital of Rs 11.74 crore. Face value per share is Rs 10.

Arrow Coated Products said that the company has entered into an exclusive supply co-operation agreement with Tsukioka Film Pharma Company, a company incorporated in Japan for developing Edible Solution Film strips containing Active Pharmaceutical Ingredients, vaccines, neutraceuticals and other remedies taken together “ODF Products” for dosing by mouth or otherwise, as per Arrow's Patented Technology “Embedded Water Soluble Film (WSF)”.

Tsukioka Film Pharma is a Health science company, manufacturing a wide range of pharmaceutical formulations as edible strips, which is a 142.5 million Japanese yen company, having an USFDA plant in Japan.

Arrow owns two more patents i.e. Drug Delivery Systems & Matrix which is part Hygiene cluster of patents.

Relationship with Tsukioka is important for Arrow, as this will lead the MMS (Mouth Melting Strip Division) into pharma, health and hygiene sector. Oral Drug Delivery System using MMS technology has now been established as a leading and most effective method of Drug Delivery. This method has seen a huge growth rate in India as well as in developed markets, worldwide, Arrow Coated Products said.

Arrow Coated Products' net profit jumped 147.8% to Rs 1.71 crore on 28.6% growth in total income to Rs 4.09 crore in Q3 December 2013 over Q3 December 2012.