Lincoln Pharmaceuticals hit an upper circuit limit of 5% at Rs 152.70 after the company said it received approval to manufacture Hydroxychloroquine and Hydroxychloroquine Sulfate tablets to fight Covid-19.
Lincoln Pharmaceuticals announced during trading hours today, 27 April 2020, that it has received approval to manufacture Hydroxychloroquine (HCQ) among other critical drugs to fight COVID 19. The company received approval from Food & Drug Control Administration, Gujarat to manufacture varied dosages of HCQ tablets and HCQ Sulfate tablets (in 200 MG, 300 MG and 400 MG dosages), among others, at its plant in Khatraj in Ahmedabad.After necessary approval from Directorate General of Foreign Trade (DGFT) company will be able to export these products. HCQ is a prescription based drug commonly recommended to Corona patients under treatment for the disease. India is the largest producer of HCQ and taking a lead in supplying this to the world in this time of crisis.
Commenting on the same, Mahendra Patel, the managing director of Lincoln Pharmaceuticals, has said that, "We have all the necessary infrastructure at our state-of-the-art manufacturing facility at Khatraj, Ahmedabad and look to expedite the commercial production of the approved drugs at the earliest. Company is committed to fight the COVID-19 pandemic and working closely with the governments and relevant stakeholders to ensure uninterrupted supply of medicines. Company has also constituted a task force to handle the distribution of medicines and essential drugs with the primary objective of dealing with any kind of emergency or distress situation by COVID-19."
On the technical front, the stock's RSI (relative strength index) stood at 62.106. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading between its 50-day moving average (DMA) and 200-day moving average (DMA) placed at Rs 144.66 and Rs 161.81 respectively.
Lincoln Pharmaceuticals (LPL) is engaged in the business of manufacturing, marketing and distribution of pharmaceutical products. The company operates through the pharmaceuticals products segment. The company offers products, such as tablets, capsules, liquid injection, cream in tubes, dry power injection, liquid in bott, liquid injection and pharma products.
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