Lupin gains after announcing closure of USFDA audits for two facilities

Lupin rose 3.05% to Rs 1,515 at 11:30 IST on BSE after the company announced the closure of USFDA audits for its Mandideep and Aurangabad facilities.

The announcement was made during market hours today, 27 May 2016.

Meanwhile, the BSE Sensex was up 176.80 points, or 0.67%, to 26,543.48.

On BSE, so far 1.69 lakh shares were traded in the counter, compared with an average volume of 3.58 lakh shares in the past one quarter. The stock hit a high of Rs 1,534.90 and a low of Rs 1,475 so far during the day. The stock hit a record high of Rs 2,127 on 6 October 2015. The stock hit a 52-week low of Rs 1,294.05 on 29 March 2016. The stock had underperformed the market over the past one month till 26 May 2016, falling 6.8% compared with Sensex's 1.38% rise. The scrip had also underperformed the market in past one quarter, dropping 14.91% as against Sensex's 13.87% rise.

The large-cap company has an equity capital of Rs 90.14 crore. Face value per share is Rs 2.

Lupin announced that it has received Establishment Inspection Reports (EIR) for its Mandideep and Aurangabad facilities wherein the United States Food & Drug Administration (USFDA) has concluded that the inspections stand closed. As stated earlier, the company had taken appropriate steps to address the observations it had received from audits done by USFDA earlier this year. Having received the EIRs from the USFDA about the closure of these inspections, all observations stand addressed, and both these facilities are cGMP compliant.

The USFDA had conducted audits at Lupin's Mandideep facility from 8 to 19 February 2016 and its Aurangabad facility from 11 to 15 January 2016.

Lupin's consolidated net profit rose 47.5% to Rs 807.08 crore on 34% growth in net sales to Rs 4091.32 crore in Q4 March 2016 over Q4 March 2015.

Lupin is a pharmaceutical company producing and developing a wide range of branded & generic formulations, biotechnology products and APIs globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership positions in the anti-TB segment.

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