Orchid Chem soars 16% on USFDA nod for anti-bacterial tablets

Shares of Orchid Chemicals & Pharmaceuticals settled with sharp gains of nearly 16 per cent today after the drug firm received nod from the US health regulator for generic anti-bacterial Gemifloxacin Mesylate tablets.
After surging 17.32 per cent to Rs 57.90 in intra-day trade, shares of Orchid Chemicals finally ended at Rs 56.70, up 14.89 per cent on the BSE.
On the NSE, the stock soared 15.83 per cent to end at Rs 57.05.
In terms of volume, 17.22 lakh shares of the company changed hands on the BSE and over 71 lakh shares were traded at the NSE during the day.

It has received approval from the United States Food and Drug Administration for its abbreviated new drug application for Gemifloxacin Mesylate tablets in the strength of 320 mg, the company had said in a filing to the BSE yesterday.
The approval is with 180 days of generic drug exclusivity, it added.
Chennai-based Orchid is present in segments like anti-infective, anti-inflammatory, central nervous system, cardio vascular segment, nutraceuticals and other oral and sterile products.
Meanwhile, in the stock market the Sensex closed the day at 27,115.83, up 283.17 points.