Venus Remedies has soared over 13% at Rs 249 after the company launched a new drug Trois for the treatment of arthritis.
“According to reports, almost 15% of the Indian population is suffering with this crippling disease. The drug would provide relief from all kinds of arthritic pains,” the company said in a filing.
“With the kind of response we are getting for this revolutionary nano tech emulsion in pain management as topical pain killer in arthritis, we are hopeful of capturing a significant share of the rheumatoid arthritis drug market in India, which is estimated to grow up to $672 million in 2013,” CFO Dheeraj Aggarwal said in release.
The stock opened at Rs 220 and has seen over ten-fold surge in trading volumes. A combined 566,521 shares have already changed hands on the counter so far, against an average less than 40,000 shares that were traded daily in past two weeks.