Medplus Health Services gains 3% despite store suspension order

Medplus Health Services shares added 3 percent in early trade on February 26 even after the company’s subsidiary received a suspension order from Drugs and Control Authorities of Mahabubnagar, Telangana.

At 9:37am Medplus Health Services was quoting Rs 710.10, up Rs 20.90, or 3.03 percent, on the BSE.

The assistant director of Drugs Control Administration, Mahabubnagar, Telangana, has issued temporary suspension of drug licence for nine days to a store at in Wanaparthy, Mahabubnagar.

The company received the order on February 23 and estimated a potential revenue loss of Rs 1.63 lakh.

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Earlier this month, the Thane Food and Drug Administration had suspended the drug licence for the store in Khopat Thane for 15 days for violation of various conditions.

In January, the company received orders from the assistant director and drug sales licensing authority of the Drug Control Administration, Mahabubnagar TS, for suspension of licence for six days for store at Shankarayapally Jadcherla, and another for the suspension of licence for seven days for a store at Hayath Nagar.

The company’s net profit rose 2.4 percent at Rs 13.73 crore in the quarter ended December 2023.

The share touched a 52-week high of Rs 977.45 and a 52-week low of Rs 597.95 on 31 July, 2023 and 14 February, 2024, respectively. Currently, the stock is trading 27.35 percent below its 52-week high and 18.76 percent above its 52-week low.

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