Panacea Biotec locked in upper circuit of 10 per cent on Tuesday after the company informed bourses that it has introduced indigenously developed high quality antidiabetic drug, TENEPAN (Teneligliptin), for treatment of Type 2 Diabetes Mellitus.
Shares of the company jumped 9.98 per cent to Rs 127.25 on Wednesday on BSE. The scrip opened at Rs 117.65 and has touched a high and low of Rs 127.25 and Rs 116.10, respectively, in trade.
On NSE, the scrip jumped 9.98 per cent to Rs 126.15.
The company in a BSE filing said, “TENEPAN (Teneligliptin) aims to improve accessibility of this treatment for the benefit of patients at an affordable cost as part of our commitment to Government of India’s “Make In India” mission.”
For the quarter ended March 31, 2016, Panacea Biotech reported net profit of Rs 72.15 crore against net loss of Rs 31.39 crore in the corresponding quarter a year ago. The company is the third largest biotechnology firm in India.
Since the beginning of the ongoing financial year, shares of the company jumped 23.74 per cent to Rs 115.70 on June 27 from Rs 93.50 on April 1.