Shares of Strides Pharma Science rallied 13 per cent in intra-day trade on the Bombay Stock Exchange (BSE) on Tuesday.
A joint venture (JV) with Sihuan Pharmaceutical for entering the Chinese market is considered as the reason behind this boost. Following the announcement, Strides share price gained as much as 12.92 per cent to touch an intra-day high of Rs 397.90 apiece on the BSE after making a positive start at Rs 365. By the time of reporting, the scrip was quoting at Rs 365, up 6.54 per cent.
The stock witnessed a huge surge in volume trade as 7.58 lakh shares changed hands over the counter as compared to their 2-week average trade volume of 1 lakh shares.
On the National Stock Exchange, Strides Pharma share was trading at Rs 371.70 apiece, up 5.37 per cent as compared to previous closing price of Rs 352.75. The stock opened higher at Rs 365 and touched an intra-day high of Rs 397.95 during the day's trade.