FDC hits 52-week high after Goa plant gets GMP certificate

FDC surged 3.59% to Rs 218.20 after the company's plant in Goa received Good Manufacturing Practice (GMP) certificate from UK drug regulator.

In an exchange filing made after market hours yesterday, the company informed that it received GMP certificate and it continues with its approved status from UK MHRA (Medicines and Healthcare Products Regulatory Agency), for two of its oral solid dosage form facilities situated at Verna in Goa, based on recent inspection held at the said plants.

The FDC stock hit the day's high of Rs 222 in early trade, which is also a 52-week high for the counter.

FDC is a pharmaceutical research and development company, which specializes in the areas of synthetics (basic drugs), nutraceuticals, formulations and biotechnology products.

The company's consolidated net profit rose 34.1% to Rs 54.03 crore on a 26.4% rise in net sales to Rs 346.12 crore in Q2 September 2019 over Q2 September 2018.

On the technical front, the stock's RSI (relative strength index) stood at 70.04. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading above its 50-day moving average (DMA) placed at Rs 193.31, as well as above its 200 DMA placed at Rs 176.11.

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