Granules India announced that USFDA has approved the Abbreviated New Drug Application (ANDA) filed by the company for Metformin Extended Release Tablets 500 mg and 750 mg.

The approved ANDA is a bioequivalent to the referenced listed drug product (RLD), Glucophage XR tablets of Bristol Myers Squibb. Granules India intends to commercialize the product shortly.

The stock had underperformed the market over the past one month till Mar. 19, 2018, falling 12.59% compared with the Sensex's 2.52% decline.  It underperformed the market in past one quarter, declining 4.48% as against 2.70% fall in the Sensex.

Shares of the company gained Rs 0.25, or 0.23%, to trade at  Rs 108.55.  The total volume of shares traded  was  15,538 at the BSE (9.52 a.m., Tuesday).