Aurobindo receives Eighth approval from MCC South Africa

Aurobindo Pharma Ltd has announced that it has received another marketing authorization approval from Medicines Control Council (MCC) of South Africa. The Council has approved Metformin tablets in 500mg, 850mg and 1gm strengths. South African market is highly regulated and very important in its Geographical sphere. The Company having bagged this approval can now participate in one of the key segments of South African market.

Metformin was originally discovered by Bristol Myers Squibb, USA and popularly known as Glucophage. It is mostly used in Type 2 diabetes especially in obese and insulin resistance cases. Metformin helps to increase insulin sensitivity and decreases absorption of glucose from Gastro Intestinal tract. The Company is already marketing Metformin successfully in the USA.

Metformin today commands a market of 15mio USD in South Africa.

The stock was trading at Rs.669.95, up by Rs.0.20 or 0.03%. The stock hit an intraday high of Rs.672 and low of Rs.666. The total traded quantity was 14844 compared to 2 week average of 9459.

Source : Equity Bulls

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