Cadila Healthcare gained as much as 7.1% to hit its all-time high of Rs 504.80 in intra-day deals after Zydus' Moraiya Plant received its first product approval post successful USFDA Audit.
“Zydus Cadila has received the final approval from the USFDA to markets
Levofloxacin Injection, 500 mg/20 ml and 750 mg/30 ml (25 mg/ml). Levofloxacin is used in the treatment of bacterial infections and will be produced at group's formulations manufacturing facility at Moraiya, Ahmedabad,” the company said in a statement.
Adding: “This is significant as it marks the beginning of the approval process for the filings made from the Moraiya manufacturing plant after successfully completing the USFDA audit from Fed 6-15 2017 with Zero 483 observations.”
The group now has more than 115 approvals and has so far filed over 300 ANDAs since the commencement of the filing process in FY04.
More than usual volumes were witnessed on the counter. On the BSE, 2.64 lakh shares were traded on the counter so far as against the average daily volumes of 1.2 lakh shares in the past one quarter. The stock had hit a high of Rs 504.80 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 473.55 so far during the day.
At 10:40 am, the scrip was trading 5% higher at Rs 494.5 as compared to 0.4% rise in BSE Sensex. It gained 7.06% over the past one month till 1 June 2017, outperforming 4.08% rise in the index.