Hot stock: This pharma company gets the green light from U.S. FDA for Fluocinolone Acetonide Topical Oil; stock rallies over 4 per cent!
The stock has witnessed significant buying activity as it has surged more than 65 per cent in the last 1 year.
Today the D-street had a cautious start as both Sensex and Nifty traded marginally lower by 0.04 per cent each. However, as the day unfolded, the market sentiment worsened, and the indices closed on a lower note with Sensex declining by 0.82 per cent and Nifty falling by 0.74 per cent.
Navigating its way through the dampened market, the shares of Lupin Limited surged 4.22 per cent, the stock hits fresh 52-week high mark of Rs 1040.75 per share on BSE. Additionally, the scrip witnessed a spurt in volume by more than 3.96 times. The company's current market capitalization is Rs 64,831.68 crore.
Lupin's surge was driven by its recent U.S. FDA Approval for Fluocinolone Acetonide Topical Oil, details bellow:
The company announced that its wholly-owned subsidiary, Novel Laboratories has received approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application for Fluocinolone Acetonide Topical Oil, 0.01 per cent (Scalp Oil).
This product is a generic equivalent of Derma-Smoothe/FS Topical Oil, 0.01 per cent (Scalp Oil), by Hill Dermaceuticals, Inc. The manufacturing of this product will take place at Lupin's facility in Somerset, USA.
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Lupin Limited is a major Indian pharmaceutical company headquartered in Mumbai. It is among the largest global players in generic drugs. The company specializes in various therapeutic areas such as paediatrics, cardiovascular, anti-infectives, diabetology, asthma, and anti-tuberculosis medications.
The company has consistently maintained a robust dividend payout ratio of 18.2 per cent. The stock has witnessed significant buying activity as it has surged more than 65 per cent in the last 1 year.
Keep a close eye on this trending pharmaceutical stock.
Disclaimer: The article is for informational purposes only and not investment advice.