Lupin perks up after gaining drug approval

DALAL STREET SPIKES

Lupin gained 4.95 per cent to close at Rs 576.79 on the BSE with volumes of about Rs 66,000 crore after the company announced that its Japanese subsidiary, Kyowa Pharmaceutical Industry, received approvals from the country's ministry of health and labour welfare for ten drugs.

The stock hit an intra-day high of Rs 582.9 and a low of Rs 557. Kyowa Pharmaceutical Industry would launch these products in July next year. The combined market size of the 10 drugs in Japan is about Rs 10,600 crore.