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breaking news IOL Chemicals and Pharma Board Approves $2.1M Investment in Uspharma


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Shares of IOL Chemicals and Pharmaceuticals Ltd ended at Rs 364.75, up Rs 1.50, or 0.41% on BSE.

Pharmaceuticals major IOL Chemicals and Pharmaceuticals Ltd (IOLCP) said on Thursday that the board had approved a $2.1 million investment in USpharma Ltd.

The company said the investment will be subject to compliance with the Foreign Exchange Management (Overseas Investment) Rules 2022 and the Foreign Exchange Management (Overseas Investment) Regulations 2022.

USpharma Ltd is a United States-based company that develops novel drug delivery technologies.

The company is the world’s largest manufacturer of ibuprofen as well as the second largest manufacturer of iso-butyl benzene (IBB). Ibuprofen is used to treat a range of aches and pains, including back pain, menstrual pain, and toothache.

The company reported a net profit of Rs 34.9 crore for the quarter that ended in June. The total revenue stood at Rs 570.2 crore against Rs Rs 524.2 crore a year earlier. The company’s EBITDA stood at Rs 61.2 crore compared to Rs 115.9 crore YoY.

IOLCP is one of the major players in the pharmaceutical sector in the country.

Shares of IOL Chemicals and Pharmaceuticals Ltd ended at Rs 364.75, up Rs 1.50, or 0.41% on BSE.


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