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    IOL Chemicals and Pharma board approves investment of $2.1 million in Uspharma

    IOL Chemicals and Pharma board approves investment of $2.1 million in Uspharma

    IOL Chemicals and Pharma board approves investment of $2.1 million in Uspharma
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    By Jomy Jos Pullokaran   IST (Updated)

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

    Pharma major IOL Chemicals and Pharmaceuticals Ltd (IOLCP) on Thursday said the Board of Directors has approved an investment of $ 2.1 million in USpharma Ltd.
    The company said the investment will be subject to compliance with Foreign Exchange Management (Overseas Investment) Rules, 2022, and Foreign Exchange Management (Overseas Investment) Regulations, 2022.
    USpharma Ltd is a USA-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, period pain, and toothache.
    The company reported a net profit of Rs 34.9 crore for the quarter that ended June. The total income 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 as compared to Rs 115.9 crore YoY.
    IOLCP is one of the leading players in the pharmaceutical sector in the country.
    Shares of IOL Chemicals and Pharmaceuticals Ltd ended at Rs 364.75, up by Rs 1.50, or 0.41 percent on the BSE.
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