Ripples Advisory, Market Live: Nifty holds 10,650 despite correction in Asian peers
Asian stocks were cautiously mixed, with China's Shanghai Composite falling further amid trade tensions.
Strides Shasun share price gained as much as 2.2 per cent after its subsidiary received approval from the US health regulator for the painkiller drug.
"The wholly owned subsidiary Strides Pharma Global Pte Ltd has received final approval for Ibuprofen tablets USP, 200 mg (OTC) from the United States Food & Drug Administration (USFDA)," the company said in its filing.
Ibuprofen is a generic version of Motrin IB tablets, 200 mg, of Johnson & Johnson Consumer, Inc.
"The approval further strengthens Strides Ibuprofen franchise for the US markets that now comprises of 7 approved products addressing a combined Rx and OTC opportunity of $900 million as per IMS and IRi data," the company said.
Ibuprofen is used to relieve pain from various conditions such as a headache, dental pain, muscle aches, or arthritis. It is also used to reduce fever and to relieve minor aches and pain due to the common cold or flu. Ibuprofen is a non-steroidal anti-inflammatory drug (NSAID).
Market Update: Benchmark indices consolidated after yesterday's sell-off, but the broader markets reeled under selling pressure with the Nifty Midcap falling nearly half a per cent.
Asian markets are under pressure with China's Shanghai Composite falling over a per cent as investors worried over trade relations between Beijing and the US.
The 30-share BSE Sensex rose 18.37 points to 35,282.78 and the 50-share NSE Nifty gained 3.70 points at 10,661.
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