Sun Pharma Advanced Research Company rose 16.66% to Rs 552.45 at 14:12 IST on BSE, extending recent gains triggered by US health regulator approving the company's new drug application for Elepsia XR extended-release tablets.
The announcement was made during trading hours on Wednesday, 4 March 2015. Shares of Sun Pharma Advanced Research Company (SPARC) rose 4.65% to Rs 76.50 that day. The stock has risen 34.17% in three sessions from Rs 411.75 on 3 March 2015.
Meanwhile, the BSE Sensex was down 511.13 points, or 1.74%, to 28,937.82.
On BSE, so far 21.15 lakh shares were traded in the counter, compared with an average volume of 6.58 lakh shares in the past one quarter.
The stock hit a high of Rs 565 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 475 so far during the day. The stock hit a 52-week low of Rs 144.10 on 31 March 2014.
The stock had outperformed the market over the past one month till 5 March 2015, rising 35.53% compared with 2.07% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 144.60% as against Sensex's 3.48% rise.
The large-cap company has an equity capital of Rs 23.67 crore. Face value per share is Re 1.
Sun Pharma Advanced Research Company (SPARC) announced that the US Food and Drug Administration (FDA) has approved its New Drug Application (NDA) for Elepsia XR (Levetiracetam extended-release tablets 1000 mg and 1500 mg). Elepsia XR is indicated for adjunctive therapy in the treatment of partial onset seizures in patients 12 years of age and older with epilepsy.
"Levetiracetam is a very successful and highly effective antiepileptic drug but more than 80% of epilepsy patients require Levetiracetam in does in range of 1000mg to 3000mg resulting in a significant pill burden. Approval of Elepsia XR as 1000mg and 1500mg once a day tablets will be very useful for these patients and physicians," said Anil Raghavan, Chief Executive Officer of SPARC.
The product will be manufactured by Sun Pharmaceutical Industries at its Halol (Gujarat) facility in India.
SPARC reported net loss of Rs 18.91 crore in Q3 December 2014 as against net profit of Rs 30.97 crore in Q3 December 2013. Net sales declined 50.31% to Rs 31.28 crore in Q3 December 2014 over Q3 December 2013.
SPARC is an international pharmaceutical company engaged in research and development of drugs and delivery systems.
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