Shilpa Medicare Ltd. shares rose nearly 5% on Wednesday after it received approval to manufacture and test oral mouth dissolving films from Therapeutic Goods Administration of Australia.
The company's Unit VI in Bengaluru's Dabaspet got approval to manufacture, package, label, and test oral mouth dissolving films from the Australian authority. The unit also manufactures transdermal patches, an exchange filing said. The company also has pipeline products in this segment.
Oral mouth dissolving films is niche dosage, which is more effective than normal oral dosages.
Shares of the company rose as much as 4.89%, before paring gains to trade 1.76% higher at 10:51 a.m., compared to a 4.7% decline in the NSE Nifty 50.
The stock has risen 34.97% year-to-date. Total traded volume so far in the day stood at 7.3 times its 30-day average. The relative strength index was at 55.68.
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