Granules India gains after its plant receives inspection report from USFDA

Granules India gained 5.71% to Rs 136.at 15:15 IST on BSE after the company said its Jeedimetla plant received Establishment Inspection Report from the USFDA.

The announcement was made during market hours today, 30 May 2016.

Meanwhile, the BSE Sensex was up 65.69 points, or 0.25%, to 26,719.29.

On BSE, so far 4.82 lakh shares were traded in the counter, compared with an average volume of 1.53 lakh shares in the past one quarter. The stock hit a high of Rs 138 and low of Rs 128.80 so far during the day. The stock hit a record high of Rs 164.45 on 1 December 2015. The stock hit a 52-week low of Rs 75.55 on 12 June 2015. The stock had underperformed the market over the past one month till 27 May 2016, falling 2.8% compared with Sensex's 2.26% gains. The scrip had, however, outperformed the market in past one quarter, gaining 21.2% as against Sensex's 15.11% gains.

The mid-cap company has an equity capital of Rs 21.67 crore. Face value per share is Re 1.

Granules India said that it has received Establishment Inspection Report (EIR) from the United States Food & Drug Administration (USFDA) for its Jeedimetla plant for the inspection conducted at the facility in December 2015.

The company stated that the USFDA acknowledged receipt of its responses sent on 7 January and 28 March 2016 on the observations issued by the USFDA for the facility. The USFDA closed the mattter and issued EIR for the facility situated in Telangana.

On consolidated basis, Granules India's net profit rose 48.2% to Rs 33.19 crore on 5% rise in net sales to Rs 372.27 crore in Q4 March 2016 over Q4 March 2015.

Granules India produces finished dosages, pharmaceutical formulation intermediates and active pharmaceutical ingredients.

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