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Orchid Pharma spurts after securing EIR for unit

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Orchid Pharma surged 5.19% to Rs 36.50 at 14:37 on after the company said it has received the Establishment Inspection Report from US drug regulator for a plant.

The announcement was made during market hours today, 18 April 2017.

Meanwhile, the S&P Sensex was up 25.01 points or 0.09% at 29,438.67. The S&P Small-Cap index was up 11.18 points or 0.07% at 14,965.34.

On the BSE, 15.17 lakh shares were traded on the counter so far as against the average daily volumes of 1.70 lakh shares in the past one quarter. The stock had hit a high of Rs 39.70 and a low of Rs 34.25 so far during the day.

The stock had hit a 52-week high of Rs 45.90 on 22 April 2016 and a record low of Rs 23.70 on 22 November 2016. It had outperformed the market over the past one month till 17 April 2017, advancing 23.49% compared with the Sensex's 0.79% fall. The scrip had also outperformed the market over the past one quarter, gaining 21.54% as against the Sensex's 8% rise.

The small-cap company has equity capital of Rs 88.96 crore. Face value per share is Rs 10.

Orchid Pharma received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) based on the successful inspection of the formulation manufacturing facility located in Kancheepuram District, Tamil Nadu. The facility was inspected by USFDA in December 2016.

Separately, Orchid Pharma said that Credit Analysis & Research (CARE) has revised the ratings on the long-term bank facilities of the company to CARE D from CARE B-. It has revised the ratings on the short-term bank facilities of the company to CARE D from CARE A4.

The revision in ratings assigned to the bank facilities of Orchid Pharma takes into account instances of delay in debt servicing. The announcement was made after market hours yesterday, 17 April 2017.

Orchid Pharma reported net loss of Rs 60.98 crore in Q3 December 2016, compared with net loss of Rs 94.02 crore in Q3 December 2015. Net sales declined 13.1% to Rs 177.27 crore in Q3 December 2016 over Q3 December 2015.

Orchid Pharma is a globally recognized, integrated pharmaceutical company with core competencies in the development and manufacture of Active Pharmaceutical Ingredients (APIs) and Finished Dosage Forms as well as in drug discovery.

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

First Published: Tue, April 18 2017. 14:39 IST