Lupin shares soared around 8 per cent in the morning trade on Thursday on reports that the company get approval for key anti-cholesterol drug from USFDA. The scrip is heading towards its biggest single day gain since May 2015.
At 11.22 am, the share price of Lupin was trading 7.95 per cent higher at Rs 1938. It opened at Rs 1820 and had touched a high and low of Rs 1939.90 and Rs 1815.50, respectively, in trade so far. The BSE Sensex was down 3.44 points at 27,928.20.
The scrip closed 5.39 per cent higher at Rs 1,892.10.
According to market analysts, the drug approval has come from Lupin’s Goa plant and therefore alleviates concerns over that facility.
Lupin’s Goa facility was inspected by USFDA in the first quarter of the ongoing financial year. The facility received nine observations relating to manufacturing process and quality control.
For the quarter ended June 2015, Lupin reported a consolidated net profit of Rs 525.02 crore, down 15.96 per cent, against Rs 624.74 crore in the corresponding quarter a year ago.
(With inputs from Reuters)