Unichem Laboratories share price rallied over 7% in early trade on Monday after the company announced it has received approval from the US health regulator to market its generic Atenolol tablets used for the treatment of hypertension.
Snapping three-days losing streak, the share price of Unichem Laboratories opened higher, rising 7.4% to touch the day's high of Rs 164 apiece on the BSE, against the previous closing value of Rs 152.70. In contrast to the stock, the pharmaceutical sector were trading 0.75% higher, while the BSE Sensex was up 0.80%. The stock trades higher than 5-day moving averages but lower than 20, 50, 100 and 200-day moving averages.
In terms of volume, 0.06 lakh and 1.65 lakh shares changed hands on BSE and NSE counters. Market depth data on BSE suggests 62% buyers bidding against 38% sellers offering the stock. The stock of Unichem Laboratories has gained 3.32% in one week, however, fallen 13% in one month and 15% year-to-date.
"The company received ANDA approval for its Atenolol Tablets USP, 25 mg, 50 mg, and 100 mg from the United States Food and Drug Administration (USFDA) to market a generic version of TENORMIN (Atenolol) Tablets, 25 mg, 50 mg, and 100 mg, of Alvogen Malta Operations Ltd," the pharmaceuticals company said in the BSE filing on Friday.
The product will be commercialised from Unichem's Ghaziabad Plant, the filling added.