Shares of Morepen Laboratories hit 10 percent upper circuit on Tuesday after the company received the license to manufacture Hydroxychloroquine (HCQ) from State Drug Controller last week for its Baddi plant in Himachal Pradesh.

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The company is working to commercialise the production of HCQ in both API as well as tablet form, it said in a regulatory filing on Monday.

HCQ is a prescription based drug commonly being recommended to coronavirus infected patients and India has taken a lead in supplying HCQ to the rest of the world including the USA.

“The contagion is spreading fast in every nook and corner of our country. As a result, we are working round the clock to maintain a regular supply of all essential items and medical supplies required in the process even during these difficult times,” said Sushil Suri, Chairman and Managing Director, Morepen Laboratories.

The company has launched a wide range of essential products being required to combat the growing menace of COVID-19 and to prevent further spread of this disease in the country. These include non-contact infrared thermometers, alcohol-based hand sanitizers, hand wash, hand rubs, and face masks.

Earlier this month, the Indian government lifted a partial ban on hydroxychloroquine after US President Donald Trump requested Prime Minister Narendra Modi to export the drug to aid America's fight against the deadly pandemic.

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