Lupin rose 2.93% to Rs 1,977.60 at 13:45 IST on BSE after reports the company increased price of its generic diabetes drug Fortamet in the US market.
Meanwhile, the BSE Sensex was up 79.45 points, or 0.31% to 25,902.44.
On BSE, so far 61,969 shares were traded in the counter, compared with an average volume of 93,109 shares in the past one quarter.
The stock hit a high of Rs 2,002 and a low of Rs 1,946 so far during the day. The stock had hit a record high of Rs 2,112 on 8 April 2015. The stock had hit a 52-week low of Rs 1,307.10 on 16 October 2014.
The stock had outperformed the market over the past one month till 23 September 2015, rising 2.45% compared with Sensex's 5.64% fall. The stock had also outperformed the market in past one quarter, gaining 8.39% as against Sensex's 7.13% fall.
The large-cap company has an equity capital of Rs 90.02 crore. Face value per share is Rs 2.
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Lupin has reportedly increased price of its generic diabetes drug Fortamet by three times for 500 mg and 1000 mg variants in the US market. Despite the price hike, Lupin's drug is still 15% cheaper than its innovator, report said.
Fortamet has two generic players in the market, Lupin and Mylan. Lupin has 60% market share of the drug in value terms. Mylan, which got the approval for the drug in 2013, has not yet launched its generic version. Fortamet's current market size is estimated at $170 million in the United States, report added.
After the price hike, an international brokerage has reportedly upgraded Lupin stock to 'outperform'. The foreign brokerage said that Fortamet's price increase is sustainable and upside potential from diabetes drugs is not priced in yet.
Lupin's consolidated net profit fell 16% to Rs 525.02 crore on 4.3% decline in total income to Rs 3225.81 crore in Q1 June 2015 over Q1 June 2014.
Lupin is a pharmaceutical company producing and developing a wide range of branded and generic formulations as well as biotechnology products and APIs globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-Infective and NSAID space and holds global leadership positions in the Anti-TB and Cephalosporin segment.
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