Why Bayer and Alembic surged higher today

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Bayer Crop Science:

Bayer Announces Capacity Expansion at Facilities Producing Leading ...

Bayer CropScience’s shares hit 52 week high and surged over 4% on 16th June 2020, after the company informed the exchange about the tie-up ITC to market its crop protection products to farmers. The partnership with ITC has commenced as a pilot project in Mysore, Karnataka and will gradually be expanded to other geographies across India.

With Covid-19 disrupting farming operations and on-farm advisory this initiative will help farmers avail agri-inputs and digital advisory on a timely basis. ITC and Bayer are jointly training and on-boarding retailers to cater to farmers’ orders placed through e-Choupal.

Over 42,000 ITC farmers, covering 60,000 hectares across 1,100 villages in Mysore region will benefit from the partnership with Bayer. Farmers can place their orders for Bayer products through the e-Choupal 4.0 platform and track their orders. Farmers without access to smartphones can place their orders online with assistance from field staff or even place offline orders.

Alembic Pharmaceutical:

File:Alembic Pharmaceuticals Ltd logo.png - Wikipedia

Alembic Pharmaceutical’s share price touched 52 week high of Rs 943 after the stock surged 6% intraday but closed 2% higher at 907. The reason for this increase was after the company made announcement about the USFDA approval for Deferasirox Tablets. The company has received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Deferasirox Tablets, 180 mg.

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The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Jadenu Tablets, 180 mg, of Novartis Pharmaceuticals Corporation (Novartis). Deferasirox tablets are indicated for the treatment of Chronic Iron Overload Due to Blood Transfusions (Transfusional Iron Overload) and for treatment of Chronic Iron Overload in Non-Transfusion-Dependent Thalassemia Syndromes.

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Prateek Goel

Prateek Goel

Co-founder of Investeek, Prateek has been investing in the stock markets since 2006 and has beaten the NSE/BSE on a consistent basis. At the age of 24, he was also featured in India Today for his expert insight on gold trading.
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