Alembic Pharma gains as USFDA concludes inspection of Gujarat unit

Alembic Pharmaceuticals rose 4.56% to Rs 606.55 at 13:23 IST on BSE after the company received Establishment Inspection Report from the US drug regulator for the inspection carried out at the company's Karakhadi, Gujarat plant in April 2015.

The announcement was made during trading hours today, 8 July 2016.

Meanwhile, the BSE Sensex was down 64.15 points, or 0.24%, to 27,137.34.

On BSE, so far 67,000 shares were traded in the counter, compared with average daily volume of 31,287 shares in the past one quarter. The stock hit a high of Rs 624 and a low of Rs 576.30 so far during the day. The stock hit a record high of Rs 791.70 on 15 July 2015. The stock hit a 52-week low of Rs 514.35 on 5 February 2016. The stock had outperformed the market over the past 30 days till 7 July 2016, rising 3.43% compared with 0.67% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 4.92% as against Sensex's 10.24% rise.

The large-cap company has an equity capital of Rs 37.70 crore. Face value per share is Rs 2.

Alembic Pharmaceuticals has received Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for the inspection carried out by the US drug regulator at the company's Karakhadi active pharmaceutical ingredients (API) plant III in Gujarat in April 2015. An EIR is issued after completion of inspection of a plant.

On a consolidated basis, Alembic Pharmaceuticals' net profit rose 29.6% to Rs 91.18 crore on 24.7% rise in net sales to Rs 625.55 crore in Q4 March 2016 over Q4 March 2015.

Alembic Pharmaceuticals is a vertically integrated pharmaceutical company. It makes active pharmaceutical ingredients and pharmaceutical formulations.

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