Sun Pharma Advanced Research zooms 60% in one week

The stock rallied 13% to Rs 316, extending its past four day's over 40% rally on BSE on back of heavy volumes.

Shares of Sun Pharma Advanced Research Company (SPARC) have rallied 13% to Rs 316, extending its past four day’s over 40% rally on BSE, on back of heavy volumes.

The stock opened at Rs 281 and touched a record high of Rs 324 on BSE. The trading volumes on the counter more than doubled with a combined 8.71 million shares changed hands on the counter till 1015 hours on BSE and NSE.

In past one week, the stock of pharmaceutical company has rallied 60% from Rs 198 on January 16, 2015, since the company announced that a meeting of the board of directors of the company will be held on January 30, 2015, to consider and take on record the un-audited financial results of the company for the third quarter ended December 31, 2014 (Q3). The benchmark S&P BSE Sensex has gained 4% during the same period.

Meanwhile, in clarification on sudden increase in volume, SPARC has clarified to BSE that "there is no event which will have a bearing on the performance / operations of the company nor any price sensitive information of the company which are reportable under clause 36 or any other clause of the listing agreement with the exchanges which are not shared with the Exchanges”.

SPARC had sought US Food and Drug Administration (USFDA) approval for Latanoprost BAK-free to sale in the US market.

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