Sun Pharma hits new high after getting licence to produce low-cost COVID-19 drug

Published On: Tuesday, May 11, 2021 | By: Team KnowMyStock

Shares of Sun Pharmaceutical Industries hit a 52 week high of Rs 721.85, up 3 percent on the BSE in intra-day trade on Tuesday after it signed an agreement with Eli Lilly to manufacture its drug, Baricitinib in India. "Sun Pharma yesterday announced that it has entered into a royalty-free, non-exclusive voluntary licensing agreement with Eli Lilly and Company for expanding access to Lilly's drug, Baricitinib in India. "Baricitinib is used in combination with Remdesivir for the treatment of suspected or laboratory-confirmed COVID-19 in hospitalized adults requiring supplemental oxygen, invasive mechanical ventilation, or extracorporeal membrane oxygenation (ECMO). The drug is approved by the Central Drugs Standard Control Organization (CDSCO) for restricted emergency use in India,"This is another step by Sun Pharma towards making more treatment options available to patients in India dealing with the pandemic, Sun Pharma added.

Brokerage firm suggests buying Sun Pharma with the target at Rs 795 a share.

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Closing Bell:Sensex gains 418 points, Nifty at 18716.15

MARKET UPDATE: Sensex rose 135 points to 62761, and the NSE Nifty50 moved 40 points higher to 18,600

Closing Bell: Sensex down 223 points, Nifty at 18,563

MARKET UPDATE: Sensex surged over 100 points to trade around 62,962 levels, whereas Nifty50 climbed over 30 points to trade above 18,650 levels

MARKET UPDATE: Sensex gained over 50 points to trade around 63,228 levels, whereas Nifty50 traded marginally above 18,700 levels

MARKET UPDATE: Sensex surged over 150 points to trade around 62,988 levels, whereas Nifty50 gained over 50 points to trade above 18,650 levels

MARKET UPDATE: Sensex traded flat at 62,777 levels, whereas Nifty50 was flat above 18,600 levels

Closing Bell: Sensex up 240 points, Nifty at 18593.85

MARKET UPDATE: Sensex rallied over 300 points, whereas Nifty50 gained over 50 points to trade above 18,600 levels

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