IOL Chemicals and Pharmaceuticals shares soared as much as 10 percent on July 2 after the drugmaker received approval from the National Medical Products Administration (NMPA) of China to export its drug fenofibrate to the Chinese market.
Fenofibrate is a medication prescribed to manage high levels of cholesterol and triglycerides in the blood, thereby supporting cardiovascular health.
Though the news of the drug approval sent shares of IOL Chemicals flying high, the stock soon came off its day's high of Rs 448.90 and at 1.20 pm, was trading at Rs 430.95 on the NSE.
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Nonetheless, the approval did tip off a spike in volumes in the counter as 30 lakh shares changed hands so far, a meteoric rise from the one-month daily traded average of four lakh shares.
Even though shares of the drugmaker are still down around 7 percent year-to-date, they've risen nearly 20 percent in the past month.
Last quarter, the company got a nod from China's drug regulator for metformin hydrochloride, opening the doors to export it to the Chinese market. Metformin hydrochloride is used to treat diabetes mellitus and is also being studied in the treatment of cancer.
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