Wockhardt surges on hopes of regulatory approval for units

The stock has rallied 16% in past three trading sessions after falling 64% from its recent high of Rs 1,003 touched on July 15, on BSE.

Wockhardt is locked in upper circuit for third day in a row, up 5% at Rs 419 on BSE, on hopes that the drug maker may receive US Food and Drug Administration (FDA) approval for shifting products from Waluj facility to other facilities.

USFDA recently inspected the company's other two units, one in nearby Chikalthana and another a cephalosporin facility, has not received any observations or warning letter so far from the regulator, the Business Standard report suggests.

This would help the Wockhdart to restart supplies of products to the US, as its Waluj facility in Maharashtra came under an international regulatory scanner a month before, limiting its import revenue, is expected to get some relief, added report.

Meanwhile, the stock has rallied 16% in past three trading sessions from Rs 362, after falling 64% from its recent high of Rs 1,003 touched on July 15, on BSE.

A combined 112,458 shares already changed hands on the counter so far. There are pending buy orders for 294,101 shares on BSE and NSE.