Aurobindo Pharma shares scale 52-week high; here is what is driving the stock

Aurobindo Pharma shares scaled a 52-week high on Friday, more than recouping the previous day's losses, after sources said the company received approval to launch the Revlimid drug, used along with other medicines in the treatment of adult patients with multiple myeloma. The stock of the Hyderabad-based pharmaceuticals company jumped by as much as Rs 56, or 6.4 per cent, to Rs 930 apiece on BSE. 

The stock traded in high volumes on the bourse. At 10:40 am, Aurobindo Pharma shares held on firmly to the green, with a gain of Rs 50, or 5.7 per cent, at Rs 924 apiece. As many as 2.2 lakh shares changed hands on the exchange so far on Friday as against a daily average of 29,000 in the past two weeks, according to provisional data.

Revlimid has a market size of Rs 35,000 crore.  

The company is likely to begin sales of the drug next week, sources told Zee Business. They also highlighted that Revlimid is set to be a high-margin product for the company. 

stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.