Alembic Pharma jumps after successful USFDA audit of Panelav API facilities

Alembic Pharmaceuticals jumped 5.68% to Rs 578 at 12:45 IST on BSE after the company announced that it did not receive any Form 483 observations from USFDA after the inspection of API facilities at Panelav, Gujarat.

The announcement was made during market hours today, 30 June 2016.

Meanwhile, the BSE Sensex was up 150.14 points, or 0.56%, to 26,890.79.

High volumes were witnessed on the counter. On BSE, so far 1.13 lakh shares were traded in the counter, compared with an average volume of 27,700 shares in the past one quarter. The stock hit a high of Rs 595 and a low of Rs 547.35 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 one month till 29 June 2016, gaining 0.65% compared with Sensex's 0.33% gains. The stock had, however, underperformed the market in past one quarter, dropping 7.74% as against Sensex's 7.39% rise.

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

Alembic Pharmaceuticals announced that it did not receive any Form 483 observations from United States Food & Drug Administration (USFDA) for the company's API facilities-Active Pharmaceutical Ingredients (API) I and API II both located at Panelav, Gujarat and the units were successfully inspected by the USFDA between 20 June 2016 and 29 June 2016.

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

Alembic Pharmaceuticals' consolidated 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 research and development pharmaceutical company. It manufactures and markets generic pharmaceutical products all over the world.

Powered by Capital Market - Live News