Indoco Remedies rallies on USFDA nod for plant in Goa

The stock has rallied 19% to Rs 314 after the company received USFDA approval for Goa solid dosages plant

Indoco Remedies has rallied 19% to Rs 314 on the National Stock Exchange (NSE) after the company received US Food and Drug Administration (USFDA) approval for Goa solid dosages plant.

“The company has received the Establishment Inspection Report (approval) from US Food and Drug Administration (USFDA) for its solid dosages manufacturing facility at Goa (Plant I),” Indoco Remedies said in a statement.

This plant has a capacity to manufacture 2.2 billion tablets, 32 million bottles of liquid orals, 16 million tubes of creams and ointments and 60 million capsules of hard gelatin. This plant has capability to manufacture aqueous, non-aqueous and photosensitive products.

Apart from approval from US FDA, this plant is also approved by UK-MHRA, MCC-South Africa, TGA-Australia and ANVISA-Brazil.

At 09:30 AM, the stock is up 15% at Rs 303 on the NSE. The trading volumes on the counter surged multiple-fold with a combined 244,000 shares changed hands so far against an average sub 50,000 shares that were traded daily in past two weeks on the NSE and BSE.