Bajaj Healthcare Shares Soar 16% On API Deals With U.K., EU Clients
Under the contract, the company will develop and supply 15 APIs to its clients.
Shares of Bajaj Healthcare Ltd. surged over 16% on Wednesday after it entered an agreement for the supply of 15 active pharmaceutical ingredients with U.K. and EU customers.
Under the contract development and manufacturing organisation, the company will undertake the development and supply of these molecules, which will be exclusively manufactured for its clientele, according to an exchange filing.
The APIs encompass a diverse range of compounds, including off-patent generics and molecules soon to be off-patent, the company said.
"By harnessing our expertise and state-of-the-art infrastructure, we are poised to enhance the accessibility and affordability of essential medications for patients across the globe," Anil Jain, joint managing director of Bajaj Healthcare, said.
Bajaj Healthcare's stock rose as much as 16.68% during the day to Rs 374.60 apiece on the NSE. It was trading 16.13% higher at Rs 372.85 per share, compared to a 0.89% decline in the benchmark Nifty 50 at 1:26 p.m.
The share price has risen 5.02% in the last 12 months. The total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 63.