Indoco Remedies is India based Pharmaceuticals company, on Tuesday, announced  that it won major tenders worth Rs. 1,400 million in Germany, including the AOK for Allopurinol Tablets. The revenue expected from this business is Rs. 700 million per annum.

The supplies to Germany will begin from January 2021 and continue till end of 2022. API consumption will be approx. 100 metric tons per year for this supply.Indoco manufactures Allopurinol API at its new API manufacturing site at Patalganga. The new API site has a capacity to manufacture 25 tons of Allopurinol per month or 300 tons annually.

Commenting on this development, Aditi Kare Panandikar, Managing Director - Indoco Remedies said, "This is Indoco's first own label product in Europe. Germany is totally tender business and Indoco has won almost 80 - 85% tenders for Allopurinol. This is a tender order for supplies spread over two years and if we are competitive, we may get repeat orders when the tenders are floated after two years. We believe, because of backward integration, we will remain competitive and completely in control of supplies."

Shares of Indoco Remedies  are trading at Rs 293.05, down Rs 13.35, or 3.93%  at the Bombay Stock Exchange (BSE) on Tuesday at 3:20 p.m.

The scrip has touched an intra-day high of Rs 310.65 and low of Rs 285.80. The total volume of shares traded at the BSE is 34,719.

Currently, the stock is trading down  4.05% from its 52-week high of Rs 311 and above 105.44% over the 52-week low of Rs 145.25.