Strides Arcolab shares up 6% on FDA nod

Shares of Strides Arcolab gained over six per cent after hitting record high intra-day.

Shares of drug firm Strides Arcolab today gained a little over six per cent after hitting the record high intra-day after the company received approval from the US health regulator to market its generic vancomycin hydrochloride capsules.

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After surging by about nine per cent during the intra-day,shares of the company settled 6.02 per cent higher at Rs 631.90 on the BSE. During the day,the stock price reached a record high of Rs 649.

On the NSE,shares of Strides gained 4.53 per cent to close at Rs 626 apiece.

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In terms of volume,2.21 lakh shares of the company changed hands on the BSE,while more than 5 lakh shares were traded on the NSE.

Vancomycin hydrochloride capsules are used for treating bacterial infections in the American market. The company plans to immediately launch the product through US-based firm Alvogen on a profit-sharing basis,Strides Arcolab said in a statement.

Rally in the stock outperformed the sluggish broader market,where the BSE benchmark Sensex closed 44.44 points lower at 17,199.40.

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