Dishman Pharma hits new high; stock surges over 35% in two days

In past two trading days, the stock zoomed 39% from Rs 232 to Rs 322 on BSE on back of heavy volumes

Dishman Pharmaceuticals and Chemicals hit a fresh record high of Rs 322, up 16% on BSE on back of heavy volumes after the company on Tuesday said that its partner Tesaro Inc received US Food and Drug Administration (FDA) nod for cancer drug Zejula capsules.

The stock of drug maker has rallied 39% in past two trading sessions from Rs 232 on March 27, 2017.

“We believe that the increase in the stock price is based upon market estimation that we are one of the suppliers of the API for "Zejula" capsules, which got approved by the US FDA as per the press release given by Tesaro lnc,” Dishman Pharma said in a regulatory filing.

Since the company does not manufacture the innovator's end product in CRAMS segment, it is Tesaro lnc., which has received the US FDA approval for cancer drug Zejula Capsules, it added.

At 09:30 am; the stock was up 12% at Rs 310 as compared to 0.15% rise in the S&P BSE Sensex. The trading volumes on the counter surged more than five-fold with a combined 6.86 million shares changed hands on the BSE and NSE so far.