Torrent Pharma reaps gains of Nordisk deal

DALAL STREET SPIKES

Torrent Pharma went up 3.68 per cent to Rs 562 in Monday's trade, after it signed an agreement with the Indian arm of the Denmark-based Novo Nordisk to establish a new, dedicated formulation and packaging facility for insulin exclusively for Novo Nordisk.

The scrip was on the move during the past few months, backed by good quarter results and its acquisition of a German pharma firm. The demand for insulin in the Indian market is expected to rise in the near future due to the increasing diabetic populace.

The new, state-of-the-art facility will have the requisite flexibility to expand, and will be set up at Torrent's existing manufacturing facility at Indrad, Gujarat. The company had registered 44 per cent growth in the first quarter.