AstraZeneca India unit hits over 3-month high after UK approves Covid-19 vaccine

Shares of AstraZeneca Plc's Indian arm jumped as much as 5.1% to 4,772 rupees -- their highest level since September 8

Britain on Wednesday became the first country in the world to approve AstraZeneca and Oxford University's Covid-19 vaccine. Serum Institute of India, the local manufacturer of AstraZeneca's vaccine, said on Monday that approval from India's drug regulator would likely follow British approval.

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Shares of Indian drugmaker Wockhardt Ltd also up as much as 8.5% to 553 rupees -- their highest since November 21, 2018. WCKH has a deal with the UK to supply millions of doses of multiple Covid-19 vaccines, including AstraZeneca's.

India accounts for the world's second-highest coronavirus infections at about 10.24 million, though cases have declined since September peak. More than 550,000 ASTR shares traded, 8.1x 30-day moving average. Up to Tuesday's close, the stock had risen 73.5% YTD.