Natco Pharma shares rose as much as 4.27%Shares of the Hyderabad-based Natco Pharma gained as much as 4.27 per cent to hit an intraday high of Rs 935 after it received emergency use approval for drug to treat COVID-19 positive patients."Natco Pharma Limited has received emergency use approval for Baricitinib tablets, 1mg, 2mg and 4mg strengths from Central Drugs Standard Control Organization (CDSCO) in India.

Baricitinib in combination with Remdesivir, is used for treatment of COVID-19 positive patients," the company said in a press release.COVID-19 drugs like Remdesivir are in huge shortage owing to rising number of Covid-19 infections in the country.

On Monday, India's active caseload passed the 34 lakh-mark with 3,68,147 fresh infections added in the last 24 hours, six per cent lower than yesterday's spike.

Over 3,417 Covid-linked deaths have been reported since yesterday, taking total deaths to 2,18,959."Natco will be requesting a compulsory license based on emergency use and in light of the grave and serious public health emergency across India due to the Pandemic.

The company is ready to launch the product this week, so as to make the product available to suffering patients across India," Natco Pharma added.As of 1:04 pm, Natco Pharma shares traded 3 per cent higher at Rs 824, outperforming the Sensex which was down 0.6 per cent.