Alembic Pharma hits new high

The stock rallied 10% to Rs 674 on back of heavy volumes on the BSE.

Shares of Alembic Pharmaceuticals have rallied 10% to Rs 674 on back of heavy volumes on the bourses. It opened at Rs 623 and hit a record high of Rs 693 on the BSE.

The trading volumes on the counter jumped more than three-fold with a combined 1.04 million shares changed hands on the BSE and NSE till 1353 hours.

Since April 28, the stock has zoomed 50% from Rs 450 after the US Food and Drug Administration (FDA) approved the first generic versions of Abilify (aripiprazole). The S&P BSE Sensex remain flat during the same period.