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Alkem Laboratories gets rosier after USFDA clears facility

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Alkem Laboratories rose 2.1% to Rs 1,830 at 9:25 on after the company said US drug regulator cleared its Bioequivalence facility located at Taloja after the inspection.

The announcement was made by the company after market hours on Friday, 14 July 2017.

Meanwhile, the S&P Sensex was up 68.80 points or 0.22% at 32,090.05.

On the BSE, 553 shares were traded on the counter so far as against the average daily volumes of 3,328 shares in the past one quarter. The stock had hit a high of Rs 1,844 and a low of Rs 1,821.85 so far during the day.

Alkem Laboratories said that no Form 483 was issued by United States Food & Drug Administration (USFDA) after conducting an inspection at the company's Bioequivalence facility located at Taloja, Navi Mumbai from 10 July 2017 to 14 July 2017.

The stock had dropped 3.12% in four sessions to Rs 1,787.90 on 14 July 2017 from a close of Rs 1,845.65 on 10 July 2017.

Alkem Laboratories' consolidated net profit rose 58.3% to Rs 136.96 crore on 9% rise in net sales to Rs 1251.4 crore in Q4 March 2017 over Q4 March 2016.

Alkem Laboratories is a pharmaceutical company with global operations, engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 17 2017. 09:25 IST