SPARC hits record high on heavy volumes

The stock locked in upper circuit of 20% at Rs 238, also its record high on National Stock Exchange.

Sun Pharma Advanced Research (SPARC) is locked in upper circuit of 20% at Rs 238, also its record high on National Stock Exchange (NSE), on back of heavy volumes.

Till 1450 hours, a combined 8.44 million shares representing 3.6% of total equity of SPARC have changed hands against an average sub 2 million shares that were traded daily in past two weeks. There are pending buy orders for around 450,000 shares on NSE and BSE.

On December 1, 2014, the pharmaceutical company announced that the US Food and Drug Administration (FDA) had issued a Complete Response letter to its New Drug Application (NDA) for Latanoprost BAK-free eyedrops.

SPARC had sought USFDA approval for Latanoprost BAK-free to sale in the US market.

“While the FDA did not seek any additional information for supporting clinical data, it sought additional information on certain labeling and other deficiencies for processing the NDA. SPARC believes that this additional information request from the FDA can be addressed on priority,” the company said in a statement.

“There may be positive developments coming up with their product latanoprost,” the Bloomberg report suggests quoting Hitesh Mahida, analyst at Antique Stock Broking.