Meanwhile, the BSE Sensex was up 60.14 points or 0.31% at 19,365.46.

On BSE, 26,000 shares were traded in the counter as against average daily volume of 19,000 shares in the past two weeks.

The stock hit a high of Rs 199.75 and a low of Rs 194.55 so far during the day.

Shares of Unichem Laboratories have surged 10.36% in four trading sessions from Rs 179.85 on 27 November 2012, after the company during trading hours on 29 November 2012, said it has received approval from the United States Food and Drug Administration (USFDA) for an abbreviated new drug application (ANDA) for Tizanidine Tablets. Tizanidine Tablets USP 2 milligram (mg) and 4 mg are therapeutically equivalent to ZANAFLEX Tablets 2 mg and 4 mg from Acorda Therapeutics. Tizanidine tablets belong to a group of medicines called skeletal muscle relaxants. Tizanidine Tablets is used to help relieve, although not cure, muscle spasms caused by medical conditions such as multiple sclerosis or injuries to the brain or spine.

Unichem Laboratories said that Tizanidine Tablets will be commercialized from Unichem's Goa plant. Active pharmaceutical ingredient i.e., Tizanidine Hydrochloride used for this ANDA is also made in-house at Roha plant, the company said in a statement.

Unichem Laboratories said that currently there are 9 generic approvals in United States for Tizanidine Tablets, while only 3 companies are dominating the market. The current market size for the drug in the US is $70 million, growing at 5% in value terms and 10% in volume terms.

Unichem Laboratories' net profit jumped 83.2% at Rs 35.07 crore on 32.5% growth in net sales to Rs 261.17 crore in Q2 September 2012 over Q2 September 2011.

Unichem Laboratories is an integrated specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India and several other markets across the world. In India, the company is a leader in niche therapy areas of cardiology, neurology, orthopedics and anti-infectives.