Shares of IOL Chemicals and Pharmaceuticals soared by up to 10% on July 2 after receiving approval from China’s National Medical Products Administration (NMPA) to export its drug fenofibrate to the Chinese market.
Fenofibrate is used to manage high levels of cholesterol and triglycerides in the blood, supporting cardiovascular health.
Despite the initial jump, the stock came off its day’s high of Rs 448.90 and was trading at Rs 430.95 on the NSE by 1:20 pm. The approval also caused a spike in trading volume, with 30 lakh shares changing hands, a significant rise from the one-month daily average of four lakh shares.
Even though shares of the drugmaker are still down about 7% year-to-date, they’ve risen nearly 20% in the past month.
Last quarter, IOL Chemicals received approval from China’s drug regulator for metformin hydrochloride, which is used to treat diabetes and is being studied for cancer treatment.
