Sun Pharmaceutical Industries rose 1.91% to Rs 620.65 at 13:13 IST on BSE on reports the company received US Food and Drug Administration approval to sell a drug to treat osteoporosis.
Meanwhile, the BSE Sensex was up 48.05 points, or 0.23%, to 20,682.26.
On BSE, so far 1.80 lakh shares were traded in the counter, compared with an average volume of 1.29 lakh shares in the past one quarter.
The stock hit a high of Rs 622.55 and a low of Rs 611.40 so far during the day. The stock hit a record high of Rs 650 on 9 October 2013. The stock hit a 52-week low of Rs 388.55 on 19 February 2013.
The stock had outperformed the market over the past one month till 18 February 2014, rising 2.50% compared with the Sensex's 2.04% fall. The scrip had also outperformed the market in past one quarter, falling 0.16% as against Sensex's 1.04% decline.
The large-cap company has an equity capital of Rs 207.12 crore. Face value per share is Re 1.
Currently the drug, Ibandronate Sodium, is marketed by Roche under the brand name Bovina. Ibandronate Sodium is indicated in the treatment of osteoporosis, a bone-weakening disease, in postmenopausal women.
According to reports, Sun Pharmaceutical Industries (Sun Pharma) is currently the only generic player to have final approval for this product. Bovina generated an annual sales of $82 million in 2012, reports said.
More players would be able to sell the drug after its patent expiry on 2 September 2014, reports added.
Sun Pharma's consolidated net profit surged 73.73% to Rs 1531.09 crore on 51.59% increase in total income to Rs 4446.82 crore in Q3 December 2013 over Q3 December 2012.
Sun Pharmaceutical Industries is an international specialty pharmaceutical company with over 72% sales from global markets. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in US, India and several other markets across the world.
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