Shares of Aurobindo Pharma today surged almost 7 per cent as the company received USFDA nod to make oral suspension used for controlling serum phosphorus in patients with chronic kidney disease on dialysis.

The stock jumped 6.94 per cent to close at Rs 643.20 on BSE. During the day, it rose sharply by 7.78 per cent to Rs 648.30.

At NSE, shares of the company gained 6.94 per cent to end at Rs 643.90.

Following the rise in the stock, the company’s market valuation went up by Rs 2,446.96 crore to Rs 37,683.96 crore.

In terms of volume, 9.13 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.

The company has received final approval from the US Food and Drug Administration (USFDA) to manufacture Sevelamer Carbonate oral suspension, 0.8 gm and 2.4 gm, the drug maker said in a BSE filing today.

Sevelamer Carbonate oral suspension is indicated for the control of serum phosphorus in patients with chronic kidney disease (CKD) on dialysis.