Share price of Ajanta Pharma jumped over 8 percent intraday on April 9 after the company received US FDA approval for Cholestyramine Powder. It is used to lower high levels of cholesterol in the blood.
The stock hit a new 52-week high level of Rs 1,550 per share and was quoting at Rs 1,479.80, up Rs 114.45, or 8.38 percent. It was trading with volumes of 3,681 shares, compared to its five day average of 4,407 shares, a decrease of -16.47 percent. Its share price zoomed over 41 percent in the last 15 days.
Pharmaceutical sales in March registered an 8.9 percent growth primarily on account of panic buying of medicines in the chronic categories.
Ajanta Pharma has committed Rs 6 crore to fight COVID-19 pandemic with Rs 2 crore been directly contributed to Prime Minister CARES Fund and the rest Rs 4 crore being spent on providing ventilators, thermal thermometers, sanitizers and protective gears such as latex gloves, gammex gloves, N-95 masks, PPE Kits, etc. to the government of Maharashtra, BMC and other agencies.
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