The shares of Medicamen Biotech jumped 20 percent to Rs 583 on April 29 morning on heavy volumes to hit the upper circuit, extending gains by another day.
On BSE, Medicamen Biotech volumes were 14.71 times the daily average. The stock, which has gained almost 40 percent in two sessions, outperforming the BSE Healthcare index, which was down 0.36 percent.
In an after-market-hour announcement on April 26, the company said the United States Food and Drug Administration (US FDA) inspected its oncology formulation facility in Haridwar from April 17 to April 26.
The inspection closed with six procedural observations, which were complied with proactively and acknowledged by the auditor. However, the final approval (EIR) is expected after submission of formal response to FDA, the company said.
The stock has jumped around 58 percent from its 52-week low of Rs 367 on March 24 during a broader markets selloff after SEBI warned of a “froth” in smallcaps and midcaps.
Despite the recovery, the stock is still 35 percent away from its 52-week high of Rs 903 a share.
Shivalik Rasayan shares, too, gained 20 percent. Medicamen Biotech is a subsidiary of Shivalik Rasayan.
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