Cadila Healthcare gains after getting EIR from USFDA for Ahmedabad facility

Cadila Healthcare rose 2.74% to Rs 385.75 at 10:38 IST on BSE after the company said its Gujarat-based oral solid dosage drug manufacturing plant received Establishment Inspection Report from the US drug regulator.

The announcement was made during trading hours today, 2 September 2016.

Meanwhile, the BSE Sensex was up 60.07 points, or 0.21%, to 28,483.55.

On BSE, so far 96,000 shares were traded in the counter, compared with average daily volume of 1.01 lakh shares in the past one quarter. The stock hit a high of Rs 391 and a low of Rs 374.20 so far during the day. The stock hit a record high of Rs 454.40 on 23 October 2015. The stock hit a 52-week low of Rs 295.50 on 18 January 2016. The stock had outperformed the market over the past 30 days till 1 September 2016, rising 8.2% compared with 2.62% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.44% as against Sensex's 5.89% rise.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Re 1.

Cadila Healthcare said that its oral solid dosage drug manufacturing plant located at Special Economic Zone (SEZ) in Ahmedabad has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) following the inspection carried out in January 2016. The receipt of EIR indicates the successful closure of the inspection points (483s) raised. This plant is a separate manufacturing unit and does not form a part of the Moraiya formulations manufacturing facility, the company said.

On a consolidated basis, Cadila Healthcare's net profit fell 22.60% to Rs 356.20 crore on 2.24% decline in net sales to Rs 2216.40 crore in Q1 June 2016 over Q1 June 2015.

Cadila Healthcare is a global pharmaceutical company that discovers, manufactures and markets a broad range of healthcare therapies.

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