Solara Active Pharma hits upper circuit post successful USFDA inspection

Shares of Solara Active Pharma Sciences hit the 10 per cent upper circuit at Rs 300.95 per share on the BSE in the morning trade on Monday after the US Food and Drug Administration (USFDA) concluded the inspection at Solara Research Centre (SRC), Chennai with zero 483s inspectional observations.

At 10:29 am, the stock was locked in the upper circuit at Rs 300.25, up 10 per cent from the previous close. Around 87,668 shares traded on the NSE and BSE so far.

Solara Active Pharma Sciences is headquartered in Bengaluru and offers a basket of diversified, high-value commercial APIs and contract manufacturing services. It has a manufacturing base comprising five API facilities in India.

The firm reported a 21.4 per cent YoY drop in its consolidated net profit at Rs 85.3 million during September quarter of FY19 against Rs 108.6 million reported in the year-ago period. Basic EPS (earnings per share) during the quarter under review came in at Rs 2.39 against Rs 2.62 in the corresponding quarter of last year.