Chennai-based generic pharmaceutical major, Orchid Chemicals & Pharmaceuticals Limited has received approvals of its Marketing Authorization (MA) for Piperacillin and Tazobactam for injection for marketing in the EU countries. The pharmaceutical company filed the MA for this product with the UK MHRA through the DCP (de-centralised procedure) route enabling the company to launch the product across EU countries. In August month research reports, India based Capital Markets has recommended a buy rating on Orchid Chemical and Pharmaceuticals with a target price of Rs 305. The stock closed today at Rs 260 on BSE, up 4% compared with its previous close of Rs 250. It touched an intraday high and low of Rs 265 and Rs 246 respectively.