The company announced the approval during trading hours today, 16 January 2009.

Meanwhile, the BSE Sensex was up 177.70 points, or 1.96%, to 9,224.44.

On BSE, 44,255 shares were traded in the counter. The stock had an average daily volume of 1.53 lakh shares in the past one quarter.

The stock hit a high of Rs 84.90 and a low of Rs 81 so far during day. The stock hit a 52-week high of Rs 330 on 16 April 2008 and a 52-week low of Rs 66.85 on 25 November 2008.

The small-cap stock had underperformed the market over the past one month till 15 January 2009, falling 13.76% as compared to the Sensex's decline of 7.99%. It had also underperformed the market in the past one quarter, declining 47.09% as compared to the Sensex's decline of 16.30%.

The company's current equity is Rs 70.44 crore. Face value per share is Rs 10.

The company has received approval from US Food & Drug Administration (US FDA) for Levetiracetam tablets in multiple strengths. The generic version of the drug is equivalent to UCB Inc's Koppra tablet. The drug is indicated for treating myclonic seizures in adults and adolescents.

The drug had sales of about $1.15 billion in the US in the year ended June 2008.

Orchid Chemicals & Pharmaceuticals had in December 2008 received approval from US FDA for Divalproex Sodium tablets USP in multiple strengths.

Orchid Chemicals & Pharmaceuticals reported a net loss of Rs 40.66 crore in Q2 September 2008 as compared to net profit of Rs 63.27 crore in Q2 September 2007. Net sales rose 18.7% to Rs 348.45 crore in Q2 September 2008 over Q2 September 2007.

The company is engaged in manufacturing and selling pharmaceuticals ingredients and finished dosage forms. The company exports to Asia Pacific, Europe, Middle East, South and Central America, North America and Commonwealth of Independent States (CIS) countries.