Lupin shares riseover 4% on launch of generic drug
DSIJ Intelligence / 07 Jul 2017
Lupin Ltd. was trading at Rs 1,129.10, up by Rs 47.85 or 4.50% as at 1209 hours on Friday, on the BSE. The stock had hit an intraday high of Rs 1,132.45.
Shares of Lupin jumped over 4% during Friday's trade.
On Thursday,the company had notified the launch of generic Vigamox ophthalmic solution in the US. "Moxifloxacin Hydrochloride Opthalmic solution is the ATI rated generic equivalent of Novartis Pharms Corp's Vigamox ophthalmic solution, indicated for the treatment of bacterial conjuctivitis," said Lupin in a BSE filing.
Vigamox had US sales of USD 267.9 million (IMS MAT March 2017).
Chiefly driven by Lupin, Pharma Index witnessed the biggest intraday gain since June 30, 2017. Meanwhile, Dr Reddy’s was also contributing to the gains of the Index.
Lupin Ltd. was trading at Rs 1,129.10, up by Rs 47.85 or 4.50% as at 1209 hours on Friday, on the BSE. The stock had hit an intraday high of Rs 1,132.45.
Stock view:
Lupin Ltd is currently trading at Rs 1130.3, up by Rs 49.05 or 4.54% from its previous closing of Rs 1081.25 on the BSE.
The BSE group 'A' stock of face value Rs 2 has touched a 52-week high of Rs 1750 on 29-Jul-2016 and a 52- week low of Rs 1036.8 on 05-Jul-2017. Last one week high and low of the scrip stood at s 1108 and Rs 1036.8 respectively.
The scrip opened at Rs 1089.7 and has touched a high and low of Rs 1136 and Rs 1085 respectively. So far 3449690(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 48842.65 crore.
The promoters holding in the company stood at 46.69 % while institutions and non-institutions held 41.24 % and 12.06 % respectively.
The stock is currently trading below its 200 DMA.
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