Aurobindo Pharma rises after HDFC MF hikes stake

Aurobindo Pharma gained 1.76% to Rs 445.80 after HDFC mutual fund hiked its stake in the pharmaceutical company by 2.01% to 7.12% on 9 October 2019.

HDFC Mutual Fund has acquired 1.19 crore equity shares, or 2.01% stake, in Aurobindo Pharma. Post acquisition, HDFC Mutual Fund's stake increased to 7.12% from 5.11% held earlier. The company made the disclosure after trading hours on Friday, 11 October 2019.

On 7 October 2019, Aurobindo Pharma clarified to the bourses that the United States Food and Drug Administration (USFDA) conducted a cGMP inspection at the company's unit-7 manufacturing facility from 19-27 September 2019. The inspection ended with 7 observations.

None of the observations are related to data integrity and the company is confident of addressing these issues within the stipulated timeline, the firm added.

Shares of Aurobindo Pharma fell 7.63% in the past two trading sessions to settle at Rs 438.10 on Friday, 11 October 2019, from its close of Rs 474.30 on 9 October 2019.

Meanwhile, the S&P BSE Sensex was up 198 points or 0.52% to 38,325.04.

On the BSE, 1.54 lakh shares were traded in the counter so far compared with average daily volumes of 4.88 lakh shares in the past two weeks. The stock hit an intraday high of Rs 448.35 and an intraday low of Rs 440.50 so far during the day.

The stock hit a 52-week high of Rs 838 on 30 April 2019. The stock hit a 52-week low of Rs 435 on 11 October 2019.

Aurobindo Pharma's consolidated net profit jumped 41.6% to Rs 645.18 crore on 28.1% surge in net sales to Rs 5,356.84 crore in Q1 June 2019 compared with Q1 June 2018.

Aurobindo Pharma is engaged in producing oral and injectable generic formulations and active pharmaceutical ingredients (APIs).

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