Ind-Swift Laboratories share price hit the upper circuit today ahead of launch of the firm's anti- histamine drug in the US market. Share price of Ind-Swift Laboratories opened 10% higher at Rs 33.15 against the previous close of Rs 30.15 on BSE.
Ind-Swift Laboratories stock remained stuck to the upper circuit of 10% throughout trading today. The stock closed 10% higher at Rs 33.15 today. Total 0.11 lakh shares changed hands amounting to turnover of Rs 3.59 lakh on BSE. Market cap of the firm rose to Rs 195.87 crore. The microcap stock has gained 10.32% in two sessions.
Ind-Swift Labs share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Ind-Swift Labs share has gained 42% since the beginning of this year and but lost 1.5% in one year. In a month, the stock is up nearly 33%.
"Ind-Swift Laboratories is all set to commercially launch its key API - Fexofenadine, an anti- histamine drug used for the treatment of seasonal allergic rhinitis and Urticaria in US market. The company has tied up with a reputed generic player in USA, which had filed the ANDA using the Ind- Swift Laboratories Limited DMF. The company has received the commercial orders and the supplies are beginning from the current quarter," the firm said in a communication to bourses.
The pharma firm said US is a significant market for this product. "Over 14% of the total turnover of the company is contributed by the US market. The company supplies 7-8 products commercially to the US market," it added.
"The company has been successfully inspected by the USFDA in March 2020 for the sixth time since its inception, without any 483 observations. The company has also received EIR," Ind-Swift said.