India drugmaker IOL rises on patent grant, Europe export nod

IOL Chemicals and Pharmaceuticals

03/11/2022 07:50

** Shares of IOL Chemicals and Pharmaceuticals  IOLC.NS 
rise as much as 5.3% to 380.70 rupees
    ** Stock just shy of 200-day moving avg of 381.58 rupees, a
level it last touched on Sept. 16; stock trading above 50- and
100 day moving avgs since Oct. 3
    ** The generic drugmaker says it received regulatory nod to
export its treatment for gastro-oesophageal reflux disease to
the European market
    ** Says also granted Indian patent approval for treatment
for  type 2 diabetes
    ** More than 325,000 shares traded as of 0741 GMT, more than
double their 30-day moving avg
    ** Both the analysts covering IOLC rate it "buy" or higher ;
median PT is 539.50 rupees - Refinitiv data
    ** Stock last up 2.8%, cutting YTD losses to ~23%, which is
still much steeper than broader Nifty Pharma Index's  .NIPHARM 
~5% drop YTD
 (Reporting by Akansha Victor in Bengaluru)
 ((Akansha.Victor@thomsonreuters.com; Mobile: +919654878265;))