Shares of Cipla in early trade jumped as much as 16% to record day's high of Rs. 595 per share on the BSE versus its previous close of Rs. 513. The intra-day high price made today is also the stock's 52-week high price. On the NSE, the stock has recorded a 52-week high price of Rs. 610. The stock was locked at upper circuit of 15 percent at Rs 589.95 on the BSE.
The gains have primarily been fuelled by the US FDA for the generic albuterol sulfate inhalation aerosol or Proventil HFA (albuterol sulfate) Metered Dose Inhaler, 90 mcg/Inhalation that is used for asthama.
Proventil HFA inhaler is used for treating or avoiding bronchospasm in patients aged four years and above as well as for preventing have exercise-induced bronchospasm in this age group.
The FDA recognizes the increased demand for albuterol products during the novel coronavirus pandemic," said FDA Commissioner Stephen M. Hahn, M.D.
"This development reiterates our commitment of strengthening our respiratory franchise and will further solidify our position as lung leader globally. We will continue to build on our portfolio of drug-device combinations in the respiratory space to serve the unmet needs of our patients across markets," said Umang Vohra, MD and Global CEO, Cipla.
Last, the stock of was trading at Rs. 581.50, up Rs. 68.75 or 13.41% on the NSE, while Nifty Pharma was up 5.84% in trade today.