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Bajaj Healthcare share hits all-time high after firm launches black fungus drug

BajajHealthcare share rose to a record high of Rs 700 rising 10% against previousclose of Rs 636.05 on BSE

Share of Bajaj Healthcare share hit all time high today after the company launched drug to treat black fungus infection in COVID-19 patients. Bajaj Healthcare share rose to a record high of Rs 700 rising 10% against previous close of Rs 636.05 on BSE.

The stock gained 14.83% for the last 5 days. Bajaj Healthcare stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has climbed 164.2% in one year and risen 51.66% since the begiining of this year.

Later, the share closed 6.30% higher at Rs 676.10 against previous close of Rs 636.05 on BSE.

Market cap of the firm rose to Rs 932.9 crore on BSE.

Total 4.35 lakh shares changed hands on BSE amounting to turnover of Rs 29.24 crore.

The micro cap share hit 52-week low of Rs 250 on May 29,2020. 

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The company has received nod from FDA (Food and Drugs Administration) Gandhi Nagar, Gujarat (India), to manufacture and market Posaconazole API as approved medication for treating Mucormycosis in India

Bajaj Healthcare said it will commence its commercial production from the first week of June 2021.

Posaconazole is a triazole antifungal agent indicated for treating Mucormycosis patients. More than 11,000 cases of black fungal infection have been reported from different parts, forcing state governments to declare it an epidemic.

The company said FDA Gandhi Nagar, Gujarat (India) has granted permissions to manufacture and market the Posaconazole API in the domestic as well as overseas market.