Shares of Dishman Pharmaceuticals and Chemicals today surged over 16 per cent as the company received a license from Johnson & Johnson (J&J) to manufacture raw material for a drug used in the treatment of multi drug resistant tuberculosis (MDR-TB).
The stock zoomed 16.22 per cent to settle at Rs 306.95 on the BSE. Intra-day, it advanced 17.75 per cent to Rs 311 -- its 52-week high.
At NSE, shares of the company soared 16.21 per cent to Rs 307.05.
The company's market valuation rose by Rs 346 crore to Rs 2,477 crore.
On the volume front, 16.25 lakh shares of the company changed hands at BSE and over 84 lakh shares were traded at NSE during the day.
The company holds a license agreement from Janssen Pharmaceutica NV, one of the pharma companies of Johnson & Johnson, to produce the active pharmaceutical ingredient (API) of Sirturo, a drug used in the treatment of multi drug resistant tuberculosis (MDR-TB), Dishman Pharma said in a regulatory filing.
TB is a major concern in India with an estimated 2.8 million cases of the disease. Around 64,000 people have been diagnosed with MDR-TB in the country so far.
