Natco Pharma spurted on Monday after the company made an addition to its anti-cancer portfolio with the launch of a breast cancer drug.
The new launch propelled the scrip by 8.24 per cent to close the day on the BSE at Rs 63.65. In morning trades, the scrip was higher by 9 per cent to Rs 64.10. The scrip gained 19 per cent to Rs 70 earlier.
A total of 20,220 Natco shares were traded on the BSE. The stock had surged sharply in the beginning of this month, following the launch of a prior anti-cancer drug. But profit-taking saw the scrip losing the gains later.
A buoyant trend in pharmaceutical stocks over the last few months saw the scrip move in tandem. From Rs 26.10 on April 28, 2003, the stock has gained 145 per cent to the current Rs 64.10.
A host of second line pharmaceutical shares have also surged over the last few trading sessions due to their attractive valuations and a thrust on exports.
Natco's recent fortune can be indicated in the fact that it has launched at least two anti-cancer drugs in just few days.
Natco has announced the launch of Letronat 2.5 mg tablets (Latrozole tablets). Natco also plans to focus on products in the areas of cancer, urology, psychiatry and diabetes.
The company has created a new formulations facility at its existing unit located at Kothur, about 35 km from Hyderabad. This facility is targeted at the regulated markets.
