Share price of Laurus Labs advanced nearly 6 percent in the morning trade on Thursday as company received USFDA approval for Metformin Hydrochloride tablets.
The company has received an approval from USFDA (United States Food and Drug Administration) for Metformin Hydrochloride Tablets USP 500mg, 850mg and 1000mg which are used for treatment of diabetes.
Metformin Hydrochloride Tablets are therapeutically equivalent to Glucophage Tablets 500mg, 850mg, and 1000 mg of Bristol-Myers Squibb company.
The Product and API will be commercialized from company's Unit 2 located at APSEZ, Atchutapuram, Visakhapatnam, Andhra Pradesh.
At 09:22 hrs Laurus Labs was quoting at Rs 451.50, up Rs 12.80, or 2.92 percent on the BSE.
The share touched its 52-week high Rs 579.25 and 52-week low Rs 425.00 on 22 December, 2017 and 13 August, 2018, respectively.
Currently, it is trading 22.15 percent below its 52-week high and 6.11 percent above its 52-week low.Posted by Rakesh Patil