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Shares of Sun Pharmaceuticals Industries, today settled for the day with gains of over two per cent after the company got approval form the US Food and Drug Administration approval to sell a generic drug.
Shares of the company opened at Rs 611.70, then gained momentum and touched an intra-day high of Rs 625. At the end of the day's trade, the stock was quoted at Rs 623.30, higher by 2.35 per cent over its previous closing price.
The uptrend in the stock was largely on reports that the US FDA has given its nod to sell a drug to treat Osteoporosis, a bone-weakening disease.
Currently the drug, Ibandronate Sodium, is marketed by Roche under the brand name Bovina. Ibandronate Sodium is indicated in the treatment of osteoporosis, a bone-weakening disease, in postmenopausal women.