Indoco Remedies gains after acquiring manufacturing plant at Baddi

Indoco Remedies rose 2.6% to Rs 338 at 14:18 IST on BSE after the company acquired the manufacturing facility of Bangalore-based Micro Labs located at Baddi, Himachal Pradesh.

The announcement was made during trading hours today, 21 September 2016.

Meanwhile, the S&P BSE Sensex was down 35.20 points, or 0.12%, to 28,488

On BSE, so far 30,000 shares were traded in the counter, compared with average daily daily volume of 8,965 shares in the past one quarter. The stock hit a high of Rs 349 and a low of Rs 329 so far during the day. The stock had hit a 52-week high of Rs 360.35 on 7 September 2016. The stock had hit a 52-week low of Rs 244 on 25 February 2016. The stock had outperformed the market over the past 30 days till 20 September 2016, rising 9.91% compared with 1.92% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 26.64% as against Sensex's 6.57% rise.

The mid-cap company has equity capital of Rs 18.43 crore. Face value per share is Rs 2.

Indoco Remedies said that the manufacturing facility at Baddi, Himachal Pradesh is spread over an area of 18,000 sq.mt, out of which 11,000 sq.mt. is the built-up area. It produces 4.3 billion tablets and 50 million capsules per annum. The acquired manufacturing site is close to the company's existing manufacturing plant in Baddi, Himachal Pradesh, Indoco Remedies said. Baddi will thus be another manufacturing hub for Indoco Remedies' solid dosages business in the regulated markets, the company said. With this acquisition, Indoco Remedies will now have 6 facilities for finished dosages and 3 for active pharmaceutical ingredient (APIs). Out of these, 3 facilities for finished dosages, including sterile plant and 2 facilities for API manufacturing are US Food and Drug Administration (USFDA) approved, it added.

Indoco Remedies' net profit declined 4.95% to Rs 19.79 crore on 15.79% rise in net sales to Rs 252.72 crore in Q1 June 2016 over Q1 June 2015.

Indoco Remedies is a fully integrated, research-oriented pharma vompany with presence in 55 countries.

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