Marksans Pharma up by 28% in just two days

Generic pharmaceuticals company Marksans Pharma was trading up by close to 8 per cent in early trade as volume based buying resumed in the stock post UK Medicines and Healthcare Products Regulatory Agency (MHRA) not raising any observation with its Goa Unit.

The stock has surged more than 28 per cent in the past two trading sessions as this a big development for the company. The stock has seen its value erode over the past years and also, primarily due to the regulatory overhang on the company’s manufacturing facilities.

The news bode for the company in the long term, as it will help the company to launch medicines from its Goa plant to UK and other major European markets. Clearance of the facility is also expected to fast track the approval process for the company’s filing in the UK markets, which constitutes a major market for the company.

Shares of Marksans Pharma is expected to gain on momentum and consolidate at levels close to Rs 55 in the short-term. Marksans Pharma was trading at Rs 52.05, up 7.2 per cent on NSE.