Bajaj Healthcare stock hits all-time high on DRDO's nod to Covid-19 drug

Bajaj Healthcare share hit all time high today after the company received a licence from the Defence Research and Development Organisation (DRDO) to manufacture and sell its anti-COVID-19 drug.

Share of Bajaj Healthcare rose 10.83% to all-time high of Rs 1,009.8 against previous close of Rs 911.10 on BSE.

The stock has gained 37.89% in the last 9 days. The stock opened with a gain of 4.27% at Rs 950 today.

Bajaj Healthcare share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The midcap stock has gained 251% in one year and risen 120% since the beginning of this year.

Market cap of the firm stood at Rs 1,350 crore.

Total 2.85 lakh shares of the firm changed hands amounting to turnover of Rs 27.72 crore on BSE.

At 12:55 pm, the stock was trading 6.52% higher at Rs 970.50 on BSE.

Bajaj Healthcare received DRDO's nod to make and sell its anti-COVID-19 drug 2-Deoxy-D-glucose aka 2DG on July 7.

Bajaj Healthcare said in a regulatory filing that it has received a licence from Defence Research and Development Organisation (DRDO) to Manufacture and Market of '2-Deoxy-D-Glucose' as approved medication for the treatment of COVID-19 patients.

Anil Jain, Joint Managing Director, Bajaj Healthcare said, "We are pleased to add 2-Deoxy-D-Glucose to our growing product portfolios after receiving the license from DRDO. Our countries medical infrastructure is really struggling with the scarcity of oxygen capacities. We hope the availability of an effective treatment such as 2-DG will considerably ease the pressure and offer patients much-needed and timely therapy option. Most patients ailing from moderate to severe symptoms can benefit from its use."

The company reported a 69.43 percent rise in net profit at Rs 21.28 crore in the March quarter on the back of higher sales and lower raw material costs which helped growth in profit.

The share touched an intraday high of Rs 1,009.80 and an intraday low of Rs 928.40.