Cadila Healthcare jumps after USFDA nod for product

Cadila Healthcare jumped 6.1% to Rs 499.70 at 10:15 IST on BSE after the company said that its Moraiya plant has received first product approval post successful audit by the US drug regulator.

The announcement was made during market hours today, 2 June 2017.

Meanwhile, the S&P BSE Sensex was up 88.12 points or 0.28% at 31,231.70.

More than usual volumes were witnessed on the counter. On the BSE, 2.64 lakh shares were traded on the counter so far as against the average daily volumes of 1.2 lakh shares in the past one quarter. The stock had hit a high of Rs 504.80 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 473.55 so far during the day.

The stock had hit 52-week low of Rs 305.05 on 24 June 2016. The stock gained 7.06% over the past one month till 1 June 2017, outperforming the Sensex's 4.08% rise. The scrip had, however, underperformed the market in past one quarter, rising 7.36% as against Sensex's 7.43% rise. The scrip had outperformed the market in past one year, gaining 41.17% as against Sensex's 16.56% rise.

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

Cadila Healthcare said that it has received final approval from the United States Food & Drug Administration (USFDA) to market Levofloxacin Injection, 500mg/20mL and 750 mg/30mL (25 mg/mL).

Levofloxacin is used in the treatment of bacterial infections and will be produced at the group's formulations manufacturing facility at Moraiya, Ahmedabad, Gujarat.

The approval marks the beginning of the approval process for filings made from the Moraiya manufacturing plant after successfully completing the USFDA audit from 6 to 15 February 2017 with zero 483 observations.

Cadila Healthcare's consolidated net profit fell 32.2% to Rs 385.5 crore on 6.5% rise in net sales to Rs 2417.50 crore in Q4 March 2017 over Q4 March 2016.

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

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