IOL Chemicals receives approval to export Metformin Hydrochloride to China; shares jump over 9%

IOL Chemicals and Pharmaceuticals Ltd stock has jumped over 9 per cent on receipt of approval to export its product to China.

The company said in a regulatory filing that its product ‘Metformin Hydrochloride’ has been approved by the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA), China.

This enables the company to export the anti-diabetic drug to China. Metformin Hydrochloride is used to manage high blood sugar levels in diabetes patients.

IOL Chemicals stock surged by 9.01 per cent on the NSE, traded at ₹440.50 as of 1.54 pm on Monday.