Indoco Remedies soars after USFDA nod for Goa facilities

Indoco Remedies jumped 18.51% to Rs 195 at 11:50 IST on BSE after the company said it received an approval from the US drug regulator for two of its facilities in Goa.

The announcement was made after market hours on Monday, 21 July 2014.

Meanwhile, the BSE Sensex was up 205.37 points, or 0.80%, to 25,920.54.

On BSE, so far 3.45 lakh shares were traded in the counter, compared with an average volume of 40,805 shares in the past one quarter.

The stock hit a high of Rs 197 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 178 so far during the day. The stock hit a 52-week low of Rs 55.05 on 31 July 2013.

The stock had outperformed the market over the past one month till 21 July 2014, rising 7.23% compared with 2.43% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 19.76% as against Sensex's 12.96% rise.

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

Indoco Remedies announced that based on the inspection carried out by the US Food and Drug Administration (USFDA) in August 2013, the company has received Establishment Inspection Report (EIR) approving the company's sterile manufacturing facility (plant II) and solid dosage manufacturing facility (plant III) located in Verna, Goa.

According to media reports, the USFDA approval has paved the way for the company's ophthalmic product launches in the United States.

Net profit of Indoco Remedies rose 44.36% to Rs 18.55 crore on 15.82% rise in net sales to Rs 185.86 crore in Q4 March 2014 over Q4 March 2013.

Indoco Remedies is engaged in the manufacturing and marketing of formulations (finished dosage forms) and active pharmaceutical ingredients (APIs) in India. Indoco remains focused on APIs & Formulations business. Indoco has a well-built 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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