Lupin receives FDA approval for generic Xenazine Tablets

Pharma major Lupin surged by over 2 per cent on the bourses in intraday trade as the company received FDA approval for generic Xenazine Tablets on Monday.  Xenazine  is used for the treatment of Huntington ’s chorea, reduc ing  the amount of some  chemicals in the body that are severely  active in people with Huntington's disease. 
  
Following the announcement, the stock hit an intraday high of Rs. 812.85 per share, higher by nearly 2 per cent and an intraday low of Rs. 797.40 per share on BSE on Monday. The stock had touched its 52-week high of Rs. 1431 per share on April 21, 2017 and its 52-week low of Rs. 727.05 per share on March 26, 2018 on BSE, respectively. 
  
In the third quarter of the fiscal year 2018, the company posted a decline of over 64 per cent in its net profit to Rs. 221.73 crore on annual basis. The decline was majorly attributed to the dip in the US sales of the company.     
  
At 1256 hours IST, the stock was trading at Rs. 809.50 per share, higher by 1.40 per cent on BSE on Monday. Meanwhile, S&P BSE Sensex was trading at 34,541.19 level, higher by 0.36 per cent and NSE Nifty50 was trading at 10,612.65 level, higher by 0.46 per cent.