Why Are Bajaj Healthcare Shares Soaring 16% While The Broader Market Is Crashing Today?

  • Benzinga India
  • Stock Market News
Why Are Bajaj Healthcare Shares Soaring 16% While The Broader Market Is Crashing Today?
Credit: © Reuters.

Benzinga - Shares of Bajaj Healthcare were skyrocketing in the midst of a gloomy broader market on Wednesday after the pharmaceutical company inked a manufacturing deal with UK and Europe-based clients.

What Happened: Bajaj Healthcare said in an exchange filing that it has successfully forged a definitive Contract Development and Manufacturing Organization (CDMO) agreement with UK and EU clients for the provision of 15 active pharmaceutical ingredients (APIs).

Under the terms of the agreement, Bajaj Healthcare will be responsible for the development and supply of a broad array of compounds, including off-patent generics and molecules on the verge of patent expiry, exclusively for its clients. The manufacturing process will be carried out utilising BHL’s internal research and development (R&D) and manufacturing capabilities at Savli Vadodara, Gujarat.

Anil Jain, joint managing director of Bajaj Healthcare, expressed his enthusiasm about the strategic partnership, highlighting the company’s preparedness to increase the accessibility and affordability of vital medications for patients worldwide, by leveraging its state-of-the-art in-house R&D facilities and manufacturing capabilities.

Price Action: Bajaj Healthcare’s share price was up 16.26% at ₹373.25 in afternoon trade on Wednesday while the broader Nifty50 index was down 0.82%.

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