Jubilant Life Sciences had hit the upper circuit at Rs.139.40 and it is currently at Rs.137, up over 8%. Volumes are up almost 2 times.

The stock has zoomed up after the company announced having received the abbreviated new drug application (ANDA) approval from the US Food and Drug Administration (USFDA) for Quetiapine Fumarate Tablet, 25 mg (base), the generic version of AstraZeneca's Seroquel, which is an atypical antipsychotic medication indicated for the treatment of schizophrenia, and for the treatment of acute manic episodes associated with bipolar disorder.

The current total market size for Quetiapine Fumarate Tablet, 25 mg (base) as per IMS is $59 million per annum and the company expects to launch this product in Q4 FY 2014. As at 30^th Sept 2013, the company had a total of 676 filings for formulations of which 218 have been approved in various regions of the world. This includes 58 ANDAs filed in the US and 48 Dossier filings in Europe.