Divi's Labs rises after successful USFDA inspection of Telangana unit

Divi's Laboratories rose 1.93% to Rs 1,188.60 at 10:01 IST on BSE after US drug regulator completed inspection of the company's unit at Telangana with no observations under Form 483.

The announcement was made after market hours yesterday, 16 May 2018.

Meanwhile, the S&P BSE Sensex was down 35.37 points, or 0.10% to 35,352.51.

On the BSE, 16,000 shares were traded in the counter so far compared with average daily volumes of 30,000 shares in the past two weeks. The stock had hit a high of Rs 1,213 and a low of Rs 1,175.30 so far during the day. The stock hit a 52-week high of Rs 1,220 on 11 May 2018. The stock hit a 52-week low of Rs 533.10 on 29 May 2017.

Divi's Laboratories announced that its Unit-I at Choutuppal, Telangana State had an inspection by the US Food and Drug Administration (USFDA) from 14 to 16 May 2018. This was a general Current Good Manufacturing Practice (cGMP) inspection by the USFDA. The inspection has been concluded with no 483 observations.

As per USFDA, form 483 observations are issued after conclusion of inspection to notify the company's management of objectionable conditions at its facility.

Net profit of Divi's Laboratories declined 16.27% to Rs 224.66 crore on 6.29% rise in net sales to Rs 1037.88 crore in Q3 December 2017 over Q3 December 2016.

Divi's Laboratories is engaged in manufacturing and sale of active pharmaceutical ingredients (APIs) and Intermediates.

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