Shares of Jubilant Life Sciences jumped over 4 percent to touch their fresh 52-week high of Rs 753.50 in morning trade on BSE on July 21.
Shares of the company jumped after it said it has received drug regulator, DCGI's, approval for a generic version of antiviral drug Remdesivir 100 mg/vial for restricted emergency use in India for treatment of severe COVID-19.
The company's subsidiary Jubilant Generics has received the approval from Drug Controller General of India (DCGI) to manufacture and market investigational drug Remdesivir 100 mg/vial (lyophilized injection).
Read more: Jubilant Life Sciences gets DCGI nod for generic version of COVID-19 drug
In a separate development, Rakesh Radheshyam Jhunjhunwala, India's one of the most successful investors, raised his stake in the company in the June quarter of the year 2020, data released on BSE on July 20 showed.
As per the BSE release, Rakesh Jhunjhunwala held 81,45,800 shares in Jubilant Life Sciences in June quarter against 70,25,000 shares he held in the March quarter.
Jhunjhunwala had 31,25,800 shares, 25,20,000 shares and 25,00,000 shares of Jubilant Life through three accounts during the June quarter. In the March quarter, in two different accounts, he held 43,72,222 and 26,52,778 shares of the company.
Shares of the company traded 1.55 percent higher at Rs 732.65 on BSE around 11:30 hours.
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