US FDA booster dose for Ipca Labs

DALAL STREET SPIKES

Mid-size pharmaceutical firm Ipca Labs was in the limelight on news that the firm has received the US Food and Drugs Administration's (US FDA) approval for a bulk drug unit.

The stock gained 3.56 per cent to close at Rs 662.65 after hitting the day's high of Rs 669. The counter witnessed a volume of over 10,000 shares on the BSE.

The company informed exchanges on Thursday that it has got the US FDA approval for four drugs approved for manufacturing from this facility for the US market.

Analysts said while pharma stocks are witnessing buying as they are considered to be a defensive sector in such volatile tradings, Thursday's gains in Ipca were news driven.

Ipca is a market leader in the malaria therapeutic segment. The company has been expanding its therapeutic coverage with the introduction of new formulations, both in the domestic and export markets, especially in the fast growing lifestyle-related disease segment.