Venus Remedies shares hit upper circuit of 5% as company to get custom duty exemption

Shares of Venus Remedies Ltd gained 5% today after the pharma company said it has registered with the Union government’s department of scientific and industrial research (DSIR). This will allow the company to avail exemption from paying customs duty, it said.

Venus Remedies shares were stuck in the upper circuit of 5% at Rs 243.30 in early hours of trade on BSE. Later, Venus Remedies stock saw profit-booking and fell to an intraday low of Rs 232.50 compared to the previous close of Rs 231.75.

A total of 6085 shares of the firm changed hands amounting to a turnover of Rs 14.77 crore on BSE. Market cap of the firm climbed to Rs 325.02 crore.

In terms of technicals, the relative strength index (RSI) of Venus Remedies stock stands at 47.5, signaling it's trading neither in the overbought not in the oversold zone. Venus Remedies shares are trading higher than the 5 day, 10 day, 20 day, 100 day, 150 day, 200 day but lower than 30 day and 50 day moving averages.

“We are honoured to receive this registration from DSIR. This exemption will not only enable us to reduce production costs but also empower us to invest more in research and development, enhancing our competitiveness, and expanding our global reach," said Saransh Chaudhary, chief of research at Venus Remedies.

The company reported a 33.49 percent YoY (year-on-year) fall in revenue from operations at Rs 95.15 crore. Net profit in Q1 slipped 82.87 percent YoY to Rs 1.18 crore. Operating profit margins in Q1 expanded to 10.93 percent from 10.14 percent in the same period of the previous fiscal.

Venus Remedies is engaged in the business of pharmaceutical production. The company specialises in producing various formulations in the therapeutic segment, including antibiotics, oncology drugs, and critical care medicines.

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