Company set for best month in more than 2 years as demand boosts prices. FMTNews ibuprofen
MUMBAI: IOL Chemicals and Pharmaceuticals Ltd, the world’s biggest producer of ibuprofen, is set for its best month in more than two years as the prolonged shutdown of China’s Hubei province boosts prices of the non-prescription painkiller.
Prices of ibuprofen have risen by US$3 per kg in the last few weeks to about US$18 and may hit US$20 if supplies from Hubei remain unavailable, said Vijay Kumar Garg, joint managing director at IOL.He estimates IOL’s revenue will rise about 25% to 21 billion rupees in the year through March 31, with exports contributing roughly a third.
IOL’s shares have risen 43% – to 254.75 rupees – in February and are headed for their best month since October 2017.
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