Alkem Lab inches up after successful inspection of plant by UK health regulator

Alkem Laboratories was up 0.59% to Rs 1,369.20 at 15:15 IST on BSE after the company announced successful closure of inspection by UK health regulator at the company's bioequivalence facility at Taloja.

The announcement was made during market hours today, 7 June 2016.

Meanwhile, the S&P BSE Sensex was up 247.78 points or 0.93% at 27,025.23.

On BSE, so far 63,000 shares were traded in the counter as against average daily volume of 8,898 shares in the past two weeks. The stock was volatile. The stock surged as much as 4.74% at the day's high of Rs 1,425.80 so far during the day. The stock lost as much as 2.01% at the day's low of Rs 1,333.75 so far during the day. The stock had hit a 52-week high of Rs 1,589 on 5 January 2016. The stock had hit a 52-week low of Rs 1,175 on 2 May 2016.

The UK Medicines and Healthcare Products Regulatory Agency (UK-MHRA) had inspected the bioequivalence facility at Taloja from 14 to 18 March 2016 and had notified its observations in a report dated 30 March 2016. The GCP Inspectorate has reviewed the corrective and preventive actions submitted by the company and has considered them acceptable, Alkem Laboratories said.

On consolidated basis, Alkem Laboratories' net profit declined 56.87% to Rs 56.72 crore on 25.29% growth in net total income from operations to Rs 1142.58 crore in Q4 March 2016 over Q4 March 2015.

Alkem Laboratories is a leading Indian pharmaceutical company with global operations. The company is engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products.

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