Lupin gains over 2 per cent as USFDA approves Nadolol Tablets

Pharma major, Lupin received the final approval of the US Food and Drug Association (USFDA) for Nadolol Tablets. The stock of Lupin surged by over 2 per cent on the bourses on Tuesday.
 
The company announced that it received the final nod for its Nadolol Tablets USP, 20 mg, 40 mg and 80 mg from the USFDA to market a generic version of US WorldMeds, LLC’s Corgard Tablets, 20 mg, 40 mg and 80 mg, on Monday.
 
Lupin’s Nadolol Tablets are the AB-rated generic equivalent of US WorldMeds, LLC’s  Congrad  Tablets. They are used for the treatment of hypertension and management of patients with angina pectoris. According to sales data, Nadolol Tablets USP, 20 mg, 40 mg and 80 mg tablets posted annual sales of nearly USD 109.8 million in the US, till June 2017.
 
In Tuesday’s trade, the stock had hit an intraday high of Rs 1070.95 per share and an intraday low of Rs 1050.95 per share on BSE. The stock had hit its 52-week high of Rs 1,572.25 per share on February 6,  2017  and its 52-week low of Rs 920 per share on August 21,  2017  on BSE, respectively. 
 
At 1138 hours, the stock was trading at Rs 1,063.85 per share, higher by 2.31  per cent  on BSE. The stock recorded a traded value of Rs 13,641.90 lakh and a traded volume of 12,82,555 shares. Meanwhile, S&P BSE Sensex was trading at Rs. 31,943.36 level, higher by 0.30  per cent  and NSE Nifty50 was trading at 10,016.10 level, higher by 0.27  per cent  during Tuesday’s trade.