Shilpa Medicare rises on receiving USFDA compliance letter for Karnataka plant

The stock surged 9% to Rs 453 on receiveing compliance letter from USFDA for API manufacturing sites in Karnataka

Shilpa Medicare has surged 9% to Rs 453 on the National Stock Exchange (NSE) in otherwise weak market after the company announced that it has received compliance letter from United State Food and Drug Administration (USFDA) for API manufacturing sites in Karnataka.

“The company have received compliance letter from USFDA for both API manufacturing sites located at Raichur, Karnataka, India (Unit-1: Deosugur Industrial Area, Deosugur, Raichur, Karnataka, India and Unit-2: Raichur Industrial Growth Centre, Chicksugur, Raichur, Karnataka, India),” Shilpa Medicare said in a BSE filing.

The stock hit a high of Rs 476 and has seen an over two-fold jump in trading volumes. A combined 198,456 shares changed hands on the counter on the BSE and NSE till 09:45 am.