Pharma major Lupin rose 0.69% to Rs 776 on strong buying support.
Shares of Lupin rose 3.81% in four trading sessions to its current market price of Rs 776 from its recent closing low of Rs 747.50 on Monday, 16 December 2019.
Lupin on Friday, 20 December 2019, announced that it has received approval from the United States Food and Drug Administration (USFDA), to market a generic equivalent of Diprolene Ointment, 0.05%, of Merck Sharp and Dohme Corp. The product will be manufactured at Lupin's Pithampur (Unit 3) facility, India.
Betamethasone Dipropionate Ointment USP (Augmented), 0.05%, is a corticosteroid indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses in patients 13 years of age and older.
The drug had an annual sales of approximately $22 million in the US. (IQVIA MAT September 2019).
The Nifty 50 index was up 13 points or 0.11% at 12,272.70.
On the technical front, the stock's RSI (relative strength index) stood at 56.371. 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 above its 50-day moving average (DMA) placed at Rs 752.90 and 200-day moving average (DMA) placed at Rs 760.97. Both these levels would serve as support levels in the near term.
On a consolidated basis, Lupin's reported net loss of Rs 127.07 crore in Q2 September 2019 compared with net profit of Rs 265.98 crore in Q2 September 2018. Net sales rose 10.4% to Rs 4,296.90 crore in Q2 September 2019 over Q2 September 2018.
Lupin is engaged in producing, developing and marketing a range of branded and generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) across the world.
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