Lupin gains after Vizag facility gets EIR from USFDA

Lupin gained 1.21% to Rs 849.95 after the company said its active pharmaceutical ingredient facility in Visakhapatnam received establishment inspection report from the US drug regulator.

The US Food and Drug Administration (USFDA) conducted the inspection of the Visakhapatnam (Vizag) facility between 13 and 17 January 2020.

Commenting on the receipt of the EIR, Nilesh Gupta, managing director, Lupin said, "We are very happy to have received the EIR for our Vizag facility. We remain committed to enhancing compliance and quality standards at the Vizag facility and across all our manufacturing sites."

On the technical front, the stock's RSI (relative strength index) stood at 60.247. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock trades above its 50 days, 100 days and 200 days moving average (DMA) placed at 719.66, 728.10 and 737.78 respectively. All these levels will act as crucial supports in near term.

Lupin is an innovation-led transnational pharmaceutical company. The company develops and commercializes a wide range of branded and generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) in over 100 markets across the world.

On a consolidated basis, Lupin reported a net loss of Rs 835 crore in Q3 December 2019 as against a net loss of Rs 151.75 crore in Q3 December 2018. Net sales declined 2.75% to Rs 3,716.09 crore in Q3 December 2019 over Q3 December 2018.

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