Shilpa Medicare surges on USFDA nod for Jadcherla unit

The stock moved higher by 9% to Rs 612 on the BSE.

Shilpa Medicare has moved higher by 9% to Rs 612 on the BSE after the pharma company announced successful completion of US drug regulator's inspection of its SEZ formulations facility at Jadcherla, near Hyderabad without any adverse observations.

“The company had an audit conducted by the United States Food & Drug Administration (USFDA) at the SEZ formulations facility situated at Jadcherla, near Hyderabad, from July 18, 2016 to July 26, 2016,” Shilpa Medicare said in a statement.

The company has received without 483 for the above mentioned facility, it added.

An FDA Form 483 is issued to firm management at the conclusion of an inspection when an investigator(s) has observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

At 01:51 PM, the stock was up 6% at Rs 594 on the BSE. The trading volumes on the counter jumped an over seven-fold with a combined 551,957 shares changed hands on the BSE and NSE so far.