Buzzing stocks today, April 11, 2023: Shilpa Medicare continues to shine, zooms 12%

Buzzing stocks: Shares of Shilpa Medicare zoomed as much as 11.7 per cent to Rs 260.65 apiece in morning trade on April 12 after the company, in its exchange filing, said it has received the US Food and Drug Administration's (US FDA) final approval for its ANDA, Apremilast Tablets, 10 mg, 20 mg, and 30 mg for the treatment of adult patients with active psoriatic arthritis. 

The product is executed from a contract manufacturing site. 

At 11:58 am, the stock was trading 10.89 per cent higher at Rs 258.60. In comparison, the S&P BSE Sensex was trading 217 points, or 0.36 per cent higher at 60,063.24 levels. The S&P BSE Healthcare index, on the other hand, was trading flat at 22,352.61 points.

The stock had hit a 52-week high of Rs 503.05 on April 13, 2022, while its 52-week low level stands at 222.40, which hit on March 28, 2023. 

The exchange filing further stated that Apremilast Tablets, 10 mg, 20 mg, and 30 mg is a generic equivalent of the reference listed drug (RLD) OTEZLA of Celgene. According to IQVIA MAT Q4 2022 data, the US market for Apremilast Tablets, 10 mg, 20 mg, and 30 mg is approximately $3.55 billion.