Strides Shasun rose over 5% to Rs.990.40 with more than 2 times surge in volumes. Its 52-week high and low stands at Rs.1259 and Rs.848.50 respectively.
The market is happy with its announcement today morning that it has received approval from the United States Food and Drug Administration (USFDA) for Potassium Citrate Extended-Release Tablets USP, 5 mEq, 10 mEq and 15 mEq.
Potassium Citrate, a urinary alkalinizing agent, is used for preventing certain types of kidney stones. According to IMS data, the US market for Potassium Citrate is about $110 million.
Strides Shasun will be the second generic player to commercialize the product.
The product, which is the first approval for an Extended Release tablet for the company, will be launched immediately.