Aurobindo Pharma zoom nearly 30% post FDA nod for anti-depressant drug

In past three months, the stock has zoomed 114% compared to 5.25% rise in S&P BSE Sensex and 6.3% gain in CNX Nifty.

Aurobindo Pharma has rallied 8% to Rs 383, also its lifetime high, on back of heavy volumes on the bourses. The stock opened at Rs 353 on the NSE and has seen over two-fold jump in trading volumes. A combined 11.02 million shares have already changed hands on the counter till 1420 hours against an average around 5 million shares that were traded daily in past two weeks on the NSE and BSE.

Since December 12, in last four trading sessions, the pharmaceutical stock has surged 29% from Rs 298 after the company has received the final approval from the U.S. health regulator to manufacture and market Duloxetine Hydrochloride Delayed-Release capsules, an anti-depressant drug, in the American market.

The market size of the product is estimated to be $5.4 billion for the twelve months ending September 2013, Aurobindo Pharma said in a regulatory filing.

The company said it has a total of 188 Abbreviated New Drug Application (ANDA) approvals from USFDA, of which 163 are final approvals and 25 are tentative approvals.

Meanwhile, in past three months, the stock has zoomed 114% compared to 5.25% rise in S&P BSE Sensex and 6.3% gain in CNX Nifty.