Strides Arcolab shares jumped on Friday after the company has received approval from the United States Food & Drug Administration (USFDA) for Methoxsalen capsules USP, 10 mg (soft Gelatin Capsules).
According to IMS data, the US market for generic Methoxsalen Capsule is approximately USD 13.6 million, with no generic player. The product will be manufactured at the company's USFDA approved oral dosage facility at Bangalore and marketed directly by Strides in the US market.
Shares of the company are trading at Rs 574.05, up Rs 26.6, or 4.86% at the Bombay Stock Exchange (BSE) on Friday at 10:50 a.m.
The scrip has touched an intra-day high of Rs 583 and low of Rs 550. The total volume of shares traded at the BSE is 112,507.
In the earlier session, the shares rose 4.02%, or Rs 21.15, at Rs 547.45.
Currently, the stock is trading down 45.33% from its 52-week high of Rs 1,050 and above 66.97% over the 52-week low of Rs 343.80.