Lupin gains after Japan's GMP certificate for Mandideep API facility

Lupin rose 1.94% to Rs 681.75 after the company said its Mandideep API facility received good manufacturing practice certificate from Japan's Pharmaceutical and Medical Devices Agency.

Pharma major Lupin today announced the receipt of GMP (Good Manufacturing Practice) Certificate from the Pharmaceutical and Medical Devices Agency (PMDA), Japan for its Mandideep active pharmaceutical ingredients (API) facility (Unit II) in Madhya Pradesh. The GMP Certificate was issued following an inspection conducted by PMDA between 14 to 17 May 2019. The PMDA inspection closed with no critical or major observations. The GMP Certificate issued by PMDA for Mandideep facility (Unit II) is valid till September 2024.

Shares of Lupin slumped 9.47% in the past eight trading sessions to settle at Rs 668.80 on 7 October 2019, from its close of Rs 738.80 on 24 September 2019.

Meanwhile, the S&P BSE Sensex was up 646 points or 1.72% to 38,177.95.

On the BSE, 95,674 shares were traded in the counter so far compared with average daily volumes of 73,847 shares in the past two weeks. The stock hit an intraday high of Rs 684.80 and an intraday low of Rs 660 so far during the day.

The stock hit a 52-week high of Rs 914 on 31 October 2018. The stock hit a 52-week low of Rs 646.20 on 7 October 2019.

Lupin's consolidated net profit jumped 49.5% to Rs 303.05 crore on a 15.4% surge in net sales to Rs 4,355.83 crore in Q1 June 2019 compared with Q1 June 2018.

Lupin is engaged in producing, developing and marketing a range of branded and generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) across the world.

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