Divi's Lab spurts after Telangana facility clears USFDA inspection

Divi's Laboratories jumped 5.35% to Rs 1746.50 after the company announced that its unit-1 facility in Telangana cleared US drug regulator's inspection.

The counter clocked volume of 68,000 shares, a 4 times surge over two-week average daily volume of 17,000 shares.

Divi's Laboratories on Friday announced that unit-I facility at Lingojigudem, in Telangana was inspected by the USFDA from the 11th to 15th November 2019. This inspection was a general cGMP inspection by the USFDA. The inspection has been concluded with no 483 observations. The announcement was made during market hours today, 15 November 2019.

On consolidated basis, the company's net profit declined 11.6% to Rs 356.78 crore in Q2 September 2019 over Q2 September 2018. Net sales rose 9.2% to Rs 1445.57 crore on YoY basis in Q2 September 2019.

The stock is trading near its 52-week high of Rs 1776.15 registered on 27 October 2019. Divi's Lab has surged 14.14% in last three months compared to a 0.23% rise in Nifty Pharma index.

Divis Laboratories is engaged in the manufacture of active pharmaceutical ingredients (API's), intermediates and nutraceutical ingredients with predominance in exports.

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