Shares of pharma firm Indoco Remedies today skyrocketed by over 18 per cent as the company has received a nod from United States' drug regulator for two of its facilities in Goa.
The company's stock zoomed 17.96 per cent to settle at Rs 194.10 on the BSE. During the day, it soared 19.99 per cent to Rs 197.45 -- its 52-week high.
At the NSE, shares of Indoco Remedies jumped 18.13 per cent to close the day at Rs 194.15.
Led by the rally in the stock, the company's market value soared by Rs 272.64 crore to Rs 1,788.64 crore.
The US Food and Drug Administration (US FDA) has approved the sterile facility (plant-II) and solid dosage facility (plant -III) located at Verna in the adjoining coastal state, the company had said yesterday.
"The nod will facilitate the generic approvals in the US market and subsequent product launches there," Indoco Chairman Suresh G Kare had said.
It will also boost high-margin revenues from the highly remunerative US market, the world's largest player in pharma space.
