Venus Remedies has soared 10% to Rs 294, its highest level since November 2010 on back of heavy volumes. The stock rallied 25% in past three trading sessions on the Bombay Stock Exchange as compared to about 1% drop in benchmark Sensex.
The stock opened at Rs 269 and hit a low of Rs 262 on the BSE. A combined 1.55 million shares have already changed hands on the counter till noon deals, against an average sub 700,000 shares that were traded daily in past two weeks on the NSE and BSE.
The stock of pharmaceutical company is in focus rising 39% after the company launched a new drug Trois for the treatment of arthritis on August 22.
The company is 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, according to Dheeraj Aggarwal, CFO, Venus Remedies.
