Granules India nudges higher after USFDA clears foreign subsidiary

Granules India gained 1.32% to Rs 118.80 at 13:20 IST on BSE after the company announced that US drug regulator issued Establishment Inspection Report for its wholly owned foreign subsidiary in USA.

The announcement was made during market hours today, 28 February 2018.

Meanwhile, the S&P BSE Sensex was down 228.51 points, or 0.67% to 34,117.88. The S&P BSE Mid-Cap index was down 133.45 points, or 0.8% to 16,467.60, underperforming the Sensex.

On the BSE, 1.3 lakh shares were traded in the counter so far, compared with average daily volumes of 1.18 lakh shares in the past two weeks. The stock had hit a high of Rs 119.30 and a low of Rs 114.90 so far during the day. The stock had hit a 52-week high of Rs 157 on 18 May 2017. The stock had hit a 52-week low of Rs 101.95 on 11 August 2017.

Granules India announced that US Food and Drug Administration (USFDA) has issued Establishment Inspection Report (EIR) for Granules Pharmaceuticals, Inc. facility, a wholly owned foreign subsidiary of the company located in Chantilly, Virginia, USA.

The facility was inspected by USFDA in December 2017 and there was one observation during the inspection. The company has responded to the observation within the stipulated timeframe.

Granules India is a vertically integrated pharmaceutical company, headquartered in Hyderabad, India.

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