Godavari Biorefineries shares climb nearly 10% after Chinese patent
Business
Godavari Biorefineries's shares shot up nearly 10% today after the company scored a Chinese patent for compounds used in treating viral infections.
The buzz sent trading volumes soaring, with over 2.2 million shares changing hands and the stock peaking at ₹258.87 and was trading at ₹248.66 as of 10.36am.
This excitement also bumped the company's market value to about ₹12.71 billion.
Godavari Biorefineries patent covers V-ATPase blockers
The newly approved patent covers compounds that block V-ATPase activity, a target for developing antiviral drugs.
Even though the stock had dropped more than 14% in the past year, this win puts Godavari Biorefineries back in the spotlight as a notable player in India's sugar and ethanol sector, showing how biotech breakthroughs can shake up traditional industries.