Pharmaceutical company Ipca Laboratories share price surged over 12 percent intraday on March 23 after the United States Food and Drug Administration (US FDA) partially lifted import ban for chloroquine supply.
Due to the shortage implications and/or medical necessity of certain drugs and finished products, the United States Food and Drug Administration (FDA) has made an exception to the import alert for the company's Active Pharmaceutical Ingredients (APIs) and finished products including Hydroxychloroquine Sulphate and Chloroquine Phosphate APIs produced at the Company's APIs manufacturing unit situated at Ratlam and Hydroxychloroquine Sulphate Tablets produced at the Company's formulations manufacturing units situated at SEZ Indore, Pithampur (Madhya Pradesh) and Piparia (Silvassa), the company said in a filing to the exchanges.
US FDA has also informed that this exception will be re-considered if the shortage implications change.
The stock traded on a new 52-week high of Rs 1,615.70 per share and was quoting at Rs 1,546.10, up Rs 174.25, or 12.70 percent. It has touched a 52-week high of Rs 1,615.70.
The stock gained over 62 percent in the last 6 months and was trading with volumes of 19,120 shares, compared to its five day average of 53,887 shares, a decrease of -64.52 percent.
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