Volume Shocker: Claris Lifesciences

The stock has surged 33% in past one month after the company received closeout letters from the US FDA

Claris Lifesciences has rallied 10% to Rs 249, extending its 7% rise in past two days, on back of over three-fold jump in trading volumes.

The stock opened at Rs 227 and hit a new high of Rs 252 on the Bombay Stock Exchange. As many as 700,000 shares have already changed hands on the counter till noon deals against an average 168,000 shares that were traded daily in past two weeks.

The stock of a leading Indian injectable generic pharmaceuticals maker has surged 33% in past one month from Rs 189 on August 28 after the company received closeout letters from the US FDA for its plant in Ahmedabad, thereby paving way for resumption of exports to the American market.

 

“Claris had received seven ANDA approvals across four products before receiving the warning letter. US is the largest market for generic injectable products, accounting for 51% of the global market, which is also the key area of the company's future growth,” the company said in a filing.