Indoco Remedies gains after UK-MHRA OKs Goa plant

Indoco Remedies rose 1.18% to Rs 231 at 14:25 IST on BSE after the company said that its Goa plant has been approved by UK Medicines and Healthcare products Regulatory Agency.

The announcement was made during market hours today, 11 May 2017.

Meanwhile, the S&P BSE Sensex was up 74.74 points, or 0.25% to 30,322.91.

On the BSE, 50,000 shares were traded in the counter so far, compared with average daily volumes of 14,469 shares in the past one quarter. The stock had hit a high of Rs 250.70 and a low of Rs 227.05 so far during the day. The stock hit a 52-week high of Rs 360.35 on 7 September 2016. The stock hit a 52-week low of Rs 209 on 3 April 2017.

The stock had underperformed the market over the past one month till 10 May 2017, sliding 2.83% compared with 1.54% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 14.77% as against Sensex's 6.77% rise.

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

Indoco Remedies said it received approval from the regulatory body, UK Medicines and Healthcare products Regulatory Agency (UK-MHRA), for its solid dosages manufacturing facility in Goa (Plant I). The approval is the outcome of the inspection conducted in December 2016.

Net profit of Indoco Remedies declined 7.32% to Rs 17.59 crore on 6.16% rise in net sales to Rs 272.21 crore in Q3 December 2016 over Q3 December 2015.

Indoco Remedies is a fully integrated, research-oriented pharma company engaged in the manufacturing and marketing of formulations (finished dosage forms) and active pharmaceutical Ingredients (APIs).

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