Aurobindo Pharma stock rises up to 8% on USFDA nod to manufacture kidney disease drug

The Aurobindo Pharma stock on Wednesday rose in early trade on news the company has received final approval from the US Food and Drug Administration (USFDA) to manufacture Sevelamer Carbonate tablets 800 mg.

At 9:16 am, the stock was trading 8 percent or 56 points higher on the BSE.

The stock is up 17.76 percent on an year-to-date basis.

Aurobindo Pharma closed 4.48 percent or 33 points higher at 766 level on the BSE

Sevelamer Carbonate tablets are a therapeutic equivalent generic version of Genzyme's Renvela  tablets. The product is being launched immediately.

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

Meanwhile, the Sensex rose 125 points or 0.39 percent at 31836 level in early trade after closing nearly 364 points (1.1 percent) lower on Tuesday.  The Nifty too was trading 35 points higher at 9862 level.

The Nifty closed 72.45 points higher at 9899 level.  The Sensex closed 244.36 points higher at 31,955.35 level, recouping some losses it suffered from a 363 points or 1.13 percent fall in Tuesday's trade.

The NSE Nifty fell 89 points (0.9 per cent) to 9827 level on Tuesday after ITC fell the most in 25 years due to a hike in taxes on cigarettes.