Orchid Chemicals gained nearly 4% at Rs 105, after touching a high of Rs 106 during the day. Around 862,500 shares were traded at the counter against its two-week average of one million shares. ______________________________________________________________ (Updated 1122 hrs) Orchid Cemicals & Pharmaceuticals has gained 4% on settling patent row.
The stock opened at Rs 104 and surged 5% to a high of Rs 106. It is currently trading with a gain of 4% at Rs 105. Around 326,885 shares have been traded at the BSE so far.
The company has informed the BSE through a press release that it has settled its patent litigation with Schering-Plough, a US-based drug major. The issue was related to generic versions of its allergy medication, Clarinex. The agreement marks the end of all pending lawsuits filed and consolidated since 2006 in the US District Court of New Jersey.
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