NORRIS
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- 6M
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Recent events
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Corporate Actions
Norris Medicines Iqubal Patel Resigns As CFO
Feb 4 (Reuters) - Norris Medicines Ltd NORI.BO:
IQUBAL PATEL RESIGNS AS CFO
Source text: ID:nBSE6zlQsT
Further company coverage: NORI.BO
(([email protected];))
Feb 4 (Reuters) - Norris Medicines Ltd NORI.BO:
IQUBAL PATEL RESIGNS AS CFO
Source text: ID:nBSE6zlQsT
Further company coverage: NORI.BO
(([email protected];))
Norris Medicines Designates Vimal D. Shah As Chairman, MD
Sept 25 (Reuters) - Norris Medicines Ltd NORI.BO:
DESIGNATED VIMAL D. SHAH AS CHAIRMAN, MD
Source text for Eikon: ID:nBSE8LZ4x3
Further company coverage: NORI.BO
(([email protected];;))
Sept 25 (Reuters) - Norris Medicines Ltd NORI.BO:
DESIGNATED VIMAL D. SHAH AS CHAIRMAN, MD
Source text for Eikon: ID:nBSE8LZ4x3
Further company coverage: NORI.BO
(([email protected];;))
Norris Medicines recalls toxic syrups, says only sold in India
By Krishna N. Das
NEW DELHI, Oct 6 (Reuters) - India's Norris Medicines NORI.BO has recalled a cough syrup and an allergy syrup that the country's federal drugs regulator had found to be toxic, its managing director said on Friday, adding that the products had only been sold in India.
Tests by India's Central Drugs Standard Control Organisation (CDSCO) showed the medicines were contaminated either with diethylene glycol (DEG) or ethylene glycol (EG).
The same toxins found in other Indian-made cough syrups have been linked by the World Health Organization (WHO) and other health agencies to the deaths of more than 140 children in Gambia, Uzbekistan and Cameroon since the middle of last year.
Regulators have not suggested any harm has been caused by the products which Norris is recalling.
"All stocks have been recalled and data has been submitted to the CDSCO," Norris Managing Director Vimal Shah told Reuters.
"We have never exported these products. We are investigating the issue at our end with toxicology studies. We have investigated (and) no harm has been reported," Shah added.
The company's Trimax Expectorant, made in January, contained 0.118% of EG, while allergy drug Sylpro Plus Syrup, made in May, had 0.171% of EG and 0.243% of DEG, according to CDSCO laboratory tests, Reuters reported last week, citing a monthly report from the regulator for August.
The WHO says the safe limit is no more than 0.10%. The WHO, which has issued several alerts about Indian medicines since last year, told Reuters the CDSCO had informed it about the Norris products.
Shah declined to say how many bottles of the two syrups Norris made in total and how many had been recalled.
"We have been manufacturing these syrups for the last 10 years without any complaint," he said. "Of late, diethylene glycol and ethylene glycol have been brought to the list of watch by the CDSCO due to the incidents abroad."
The drug regulator of Gujarat state, where Norris is based and has two factories near to each other, has shut all its production, citing violations of good manufacturing practices after an inspection last month, Reuters reported last week citing H.G. Koshia, commissioner of Gujarat state's Food and Drug Control Administration. Koshia did not cite any evidence.
Shah did not respond to a request for comment on Koshia's allegation. The cough syrup was made in one factory and the other product in another, according to the CDSCO.
The CDSCO list also named a glycerine batch it said was made by Adani Wilmar ADAW.NS in October 2021, despite it containing 0.025% EG, which is within the WHO safety limit.
An Adani Wilmar spokesperson told Reuters in an email it believed "that the product in question (that tested by the CDSCO) is counterfeit and communicated the same to the department with a request to drop the recall notice".
The CDSCO did not immediately respond to a request for comment on Adani Wilmar's suspicion that the product tested was a fake and was not manufactured by the company itself.
(Reporting by Krishna N. Das; Editing by Alexander Smith)
By Krishna N. Das
NEW DELHI, Oct 6 (Reuters) - India's Norris Medicines NORI.BO has recalled a cough syrup and an allergy syrup that the country's federal drugs regulator had found to be toxic, its managing director said on Friday, adding that the products had only been sold in India.
Tests by India's Central Drugs Standard Control Organisation (CDSCO) showed the medicines were contaminated either with diethylene glycol (DEG) or ethylene glycol (EG).
The same toxins found in other Indian-made cough syrups have been linked by the World Health Organization (WHO) and other health agencies to the deaths of more than 140 children in Gambia, Uzbekistan and Cameroon since the middle of last year.
Regulators have not suggested any harm has been caused by the products which Norris is recalling.
"All stocks have been recalled and data has been submitted to the CDSCO," Norris Managing Director Vimal Shah told Reuters.
"We have never exported these products. We are investigating the issue at our end with toxicology studies. We have investigated (and) no harm has been reported," Shah added.
The company's Trimax Expectorant, made in January, contained 0.118% of EG, while allergy drug Sylpro Plus Syrup, made in May, had 0.171% of EG and 0.243% of DEG, according to CDSCO laboratory tests, Reuters reported last week, citing a monthly report from the regulator for August.
The WHO says the safe limit is no more than 0.10%. The WHO, which has issued several alerts about Indian medicines since last year, told Reuters the CDSCO had informed it about the Norris products.
Shah declined to say how many bottles of the two syrups Norris made in total and how many had been recalled.
"We have been manufacturing these syrups for the last 10 years without any complaint," he said. "Of late, diethylene glycol and ethylene glycol have been brought to the list of watch by the CDSCO due to the incidents abroad."
The drug regulator of Gujarat state, where Norris is based and has two factories near to each other, has shut all its production, citing violations of good manufacturing practices after an inspection last month, Reuters reported last week citing H.G. Koshia, commissioner of Gujarat state's Food and Drug Control Administration. Koshia did not cite any evidence.
Shah did not respond to a request for comment on Koshia's allegation. The cough syrup was made in one factory and the other product in another, according to the CDSCO.
The CDSCO list also named a glycerine batch it said was made by Adani Wilmar ADAW.NS in October 2021, despite it containing 0.025% EG, which is within the WHO safety limit.
An Adani Wilmar spokesperson told Reuters in an email it believed "that the product in question (that tested by the CDSCO) is counterfeit and communicated the same to the department with a request to drop the recall notice".
The CDSCO did not immediately respond to a request for comment on Adani Wilmar's suspicion that the product tested was a fake and was not manufactured by the company itself.
(Reporting by Krishna N. Das; Editing by Alexander Smith)
India finds two more toxic syrups months after poisoning deaths
Adds WHO comment, paragraph 9
By Krishna N. Das and Sumit Khanna
NEW DELHI, Oct 4 (Reuters) - India's drug regulator has found that a cough syrup and an anti-allergy syrup made by Norris Medicines NORI.BO are toxic, according to a government report, months after Indian-made cough syrups were linked to 141 children's deaths worldwide.
The medicines were contaminated either with diethylene glycol (DEG) or ethylene glycol (EG), the same contaminants found in the cough syrups that caused the deaths in Gambia, Uzbekistan and Cameroon since the middle of last year.
This is the first time in at least two years that the Central Drugs Standard Control Organisation (CDSCO) has flagged any DEG and EG contamination in its monthly reports as the country tries to crack down on its $42 billion drug industry dominated by small players.
H.G. Koshia, commissioner of Gujarat state's Food and Drug Control Administration, told Reuters on Wednesday that it had inspected Norris's factory last month and ordered it to suspend production and recall the drugs.
"The company failed miserably on compliance parameters of good manufacturing practices," Koshia said. "Adequate water system was not there. The air-handling unit was also not up to the mark. In the larger interest of public health, we ordered the unit to stop production."
Norris Managing Director Vimal Shah declined to comment outside business hours.
The company's Trimax Expectorant contained 0.118% of EG, while allergy drug Sylpro Plus Syrup had 0.171% of EG and 0.243% of DEG, according to tests at a CDSCO laboratory, according to its list of "not of standard quality/spurious/adulterated/misbranded" drugs for August uploaded on its website. Koshia said Norris used to export the cough syrup, but did not say where.
The World Health Organization (WHO) says the safe limit, based on internationally accepted standards, is no more than 0.10%.
"We are aware of the CDSCO report and have communicated with that agency to ascertain where the products... have been exported," said a WHO spokeswoman. "This information is pivotal when we consider whether - or not - to issue a medical product alert."
It was not immediately clear if the Norris drugs had been recalled or if they caused any harm. Both medicines were listed on online pharmacies when Reuters checked.
The CDSCO also found three batches of COLD OUT syrup made by Fourrts (India) Laboratories contaminated with DEG and EG. The World Health Organisation said in August that a batch of COLD OUT sold in Iraq had unacceptable levels of DEG and EG.
Fourrts Chairman S.V. Veeramani did not respond to a request for comment.
Veeramani, who is the chairman of the government-backed Pharmaceuticals Export Promotion Council of India (pharmexcil), told Reuters in August that a recent "analysis of retention samples" of COLD OUT showed there was "no contamination or toxins".
"There is no report of any adverse effect or death due to the product," he said in a WhatsApp message. "As a matter of abundant caution, we have voluntarily recalled the product in Iraq market."
The alerts on the toxic medicines come at a time when the government, through pharmexcil, is organising workshops for drugmakers across the country to stress the importance of drug quality and patient safety.
The CDSCO list also named a glycerine batch made by Adani Wilmar ADAW.NS, despite it containing 0.025% EG, within the WHO safety limit. Adani Wilmar did not immediately respond to a request for comment outside business hours.
Indian pharmaceutical executives and regulators have told Reuters that it is common practice among some manufacturers in the country to substitute cheaper, commercial-grade ingredients when making cough syrups.
SPECIAL REPORT-Lax testing fuelled wave of cough syrup poisonings nL4N3AO2MH
FACTBOX-India's contaminated cough syrup cases nL4N3AO2TE
(Reporting by Krishna N. Das; additional reporting by Jennifer Rigby; Editing by Andrew Heavens, Nick Macfie, William Maclean)
Adds WHO comment, paragraph 9
By Krishna N. Das and Sumit Khanna
NEW DELHI, Oct 4 (Reuters) - India's drug regulator has found that a cough syrup and an anti-allergy syrup made by Norris Medicines NORI.BO are toxic, according to a government report, months after Indian-made cough syrups were linked to 141 children's deaths worldwide.
The medicines were contaminated either with diethylene glycol (DEG) or ethylene glycol (EG), the same contaminants found in the cough syrups that caused the deaths in Gambia, Uzbekistan and Cameroon since the middle of last year.
This is the first time in at least two years that the Central Drugs Standard Control Organisation (CDSCO) has flagged any DEG and EG contamination in its monthly reports as the country tries to crack down on its $42 billion drug industry dominated by small players.
H.G. Koshia, commissioner of Gujarat state's Food and Drug Control Administration, told Reuters on Wednesday that it had inspected Norris's factory last month and ordered it to suspend production and recall the drugs.
"The company failed miserably on compliance parameters of good manufacturing practices," Koshia said. "Adequate water system was not there. The air-handling unit was also not up to the mark. In the larger interest of public health, we ordered the unit to stop production."
Norris Managing Director Vimal Shah declined to comment outside business hours.
The company's Trimax Expectorant contained 0.118% of EG, while allergy drug Sylpro Plus Syrup had 0.171% of EG and 0.243% of DEG, according to tests at a CDSCO laboratory, according to its list of "not of standard quality/spurious/adulterated/misbranded" drugs for August uploaded on its website. Koshia said Norris used to export the cough syrup, but did not say where.
The World Health Organization (WHO) says the safe limit, based on internationally accepted standards, is no more than 0.10%.
"We are aware of the CDSCO report and have communicated with that agency to ascertain where the products... have been exported," said a WHO spokeswoman. "This information is pivotal when we consider whether - or not - to issue a medical product alert."
It was not immediately clear if the Norris drugs had been recalled or if they caused any harm. Both medicines were listed on online pharmacies when Reuters checked.
The CDSCO also found three batches of COLD OUT syrup made by Fourrts (India) Laboratories contaminated with DEG and EG. The World Health Organisation said in August that a batch of COLD OUT sold in Iraq had unacceptable levels of DEG and EG.
Fourrts Chairman S.V. Veeramani did not respond to a request for comment.
Veeramani, who is the chairman of the government-backed Pharmaceuticals Export Promotion Council of India (pharmexcil), told Reuters in August that a recent "analysis of retention samples" of COLD OUT showed there was "no contamination or toxins".
"There is no report of any adverse effect or death due to the product," he said in a WhatsApp message. "As a matter of abundant caution, we have voluntarily recalled the product in Iraq market."
The alerts on the toxic medicines come at a time when the government, through pharmexcil, is organising workshops for drugmakers across the country to stress the importance of drug quality and patient safety.
The CDSCO list also named a glycerine batch made by Adani Wilmar ADAW.NS, despite it containing 0.025% EG, within the WHO safety limit. Adani Wilmar did not immediately respond to a request for comment outside business hours.
Indian pharmaceutical executives and regulators have told Reuters that it is common practice among some manufacturers in the country to substitute cheaper, commercial-grade ingredients when making cough syrups.
SPECIAL REPORT-Lax testing fuelled wave of cough syrup poisonings nL4N3AO2MH
FACTBOX-India's contaminated cough syrup cases nL4N3AO2TE
(Reporting by Krishna N. Das; additional reporting by Jennifer Rigby; Editing by Andrew Heavens, Nick Macfie, William Maclean)
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Popular questions
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What does Norris Medicines do?
Norris Medicines Ltd. is a prominent Indian producer specializing in Injections and Medicinal formulations.
Who are the competitors of Norris Medicines?
Norris Medicines major competitors are Emmessar Biotech&Nut, Colinz Laboratories, Hamps Bio, Saroja Pharma Ind, Starsource Multitrad, Parmax Pharma, Link Pharma Chem. Market Cap of Norris Medicines is ₹15 Crs. While the median market cap of its peers are ₹14 Crs.
Is Norris Medicines financially stable compared to its competitors?
Norris Medicines seems to be less financially stable compared to its competitors. Altman Z score of Norris Medicines is -2.49 and is ranked 8 out of its 8 competitors.
Does Norris Medicines pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Norris Medicines latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has Norris Medicines allocated its funds?
Companies resources are majorly tied in miscellaneous assets
How strong is Norris Medicines balance sheet?
Norris Medicines balance sheet is weak and might have solvency issues
Is the profitablity of Norris Medicines improving?
No, profit is decreasing. The profit of Norris Medicines is -₹1.54 Crs for TTM, -₹1.24 Crs for Mar 2025 and -₹1.19 Crs for Mar 2024.
Is the debt of Norris Medicines increasing or decreasing?
Yes, The net debt of Norris Medicines is increasing. Latest net debt of Norris Medicines is ₹21.51 Crs as of Mar-25. This is greater than Mar-24 when it was ₹21.46 Crs.
Is Norris Medicines stock expensive?
Norris Medicines is expensive when considering the PE ratio, however latest EV/EBIDTA is < 3 yr avg EV/EBIDTA. Latest PE of Norris Medicines is 0, while 3 year average PE is -0.05. Also latest EV/EBITDA of Norris Medicines is 0.0 while 3yr average is 100.
Has the share price of Norris Medicines grown faster than its competition?
Norris Medicines has given lower returns compared to its competitors. Norris Medicines has grown at ~-34.88% over the last 1yrs while peers have grown at a median rate of -27.97%
Is the promoter bullish about Norris Medicines?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Norris Medicines is 34.0% and last quarter promoter holding is 34.0%.
Are mutual funds buying/selling Norris Medicines?
The mutual fund holding of Norris Medicines is stable. The current mutual fund holding in Norris Medicines is 0.01% while previous quarter holding is 0.01%.
