Indoco Remedies gains after Czech Republic OKs Goa plant

Indoco Remedies rose 2.40% to Rs 123.60 at 10:47 IST on BSE after the company said its Goa-based plant received approval from Czech Republic to manufacture sterile ophthalmic formulation.

The company made the announcement after market hours on Tuesday, 4 February 2014.

Meanwhile, the BSE Sensex was down 77.10 points, or 0.38%, to 20,134.83.

On BSE, so far 25,000 shares were traded in the counter, compared with an average volume of 1.19 lakh shares in the past one quarter.

The stock hit a high of Rs 126 and a low of Rs 122.50 so far during the day. The stock hit a record high of Rs 161.65 on 6 January 2014. The stock hit a 52-week low of Rs 55.05 on 31 July 2013.

The stock had underperformed the market over the past one month till 4 February 2014, sliding 21.57% compared with the Sensex's 3.07% fall. The scrip had, however, outperformed the market in past one quarter, rising 41.33% as against Sensex's 4.84% decline.

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

Indoco Remedies said it has received from State Institute for Drug Control (SUKL), Czech Republic, certificate of Good Manufacturing Practice (GMP) Compliance for the Goa Plant II located at L-32,33,34 Verna Industrial Estate, Goa 403722. The certificate pertains to manufacture of sterile ophthalmic formulation.

The plant has been inspected in connection with marketing authorization(s) listing manufacturer, located outside of the European Economic Area in accordance with Art. 111(4) of the Directive 2001/83/EC transposed in the hollowing national legislation: Section 101 paragraph 3 of Act No. 378/2007 COIL., on Pharmaceuticals and on Amendment to Some Reined Acts (the Act of Pharmaceuticals) as amended. From the knowledge gained during inspection of Plant II, the latest which was conducted on 09/11/2013 it is considered that it complies with the principles and guidelines of Good manufacturing Practice laid down in Directive 2003/94/EC, Indoco Remedies said in a statement.

The GMP certificate confirms that the plant fulfills the GMP recommendations of World Health Organisation (WHO), the company said.

Net profit of Indoco Remedies rose 91.33% to Rs 14.12 crore on 25.39% rise in net sales to Rs 188.41 crore in Q3 December 2013 over Q3 December 2012.

Indoco Remedies is engaged in the manufacturing and marketing of formulations (finished dosage forms) and active pharmaceutical ingredients (APIs) in India. Indoco has a brand portfolio of 135 products in various therapeutic segments, including high growth life style segments such as anti-diabetics, cardiovascular, central nervous system, musculo-skeletal, nutrition and dental care.

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