Share price of Cadila Healthcare climbed almost 5% on Friday after the Ahmedabad-based company received a nod from the Drugs Controller General of India (DCGI) for human clinical trials of an indigenously developed Covid 19 vaccine.
Cadila Healthcare share price opened with a gain of 4.56% at Rs 379.80 and later touched an intraday high of Rs 380, rising 4.61% against the last close of Rs 363.25 on BSE.
The stock trades mere points away from its 52-week high of Rs 383.65. Cadila Healthcare stock has risen 4.73% in the last 2 sessions.
Cadila Healthcare is trading higher than 5, 20, 50, 100 and 200-day moving averages. The stock has gained 3.38% in one month and 43% since the beginning of this year.
Company's arm Zydus Cadila Healthcare that developed its plasmid DNA vaccine candidate for COVID-19 (ZyCoV-D) indigenously at its Vaccine Technology Centre in Ahmedabad, said it has successfully completed preclinical development and has received approval from the Drugs Controller General of India (DCGI) to initiate human clinical trials.
As per the regulatory statement, Zydus has already manufactured clinical GMP batches of the vaccine candidate and plans to initiate the clinical trials in July 2020 across multiple sites in India.
The company said that it intends to rapidly ramp up the production capacities of ZyCoV-D at multiple sites and facilities to cater to Indian and global demand.