Lupin gains as Tarapur facility receives EIR

Lupin rose 0.77% to Rs 851.30 at 15:03 IST on BSE after the company announced the receipt of the Establishment Inspection Report by USFDA at its facility in Tarapur, Maharashtra.

The announcement was made during market hours today, 27 November 2018.

Meanwhile, the S&P BSE Sensex was up 174.54 points, or 0.49% to 35,528.62

On the BSE, 3.83 lakh shares were traded in the counter so far compared with average daily volumes of 1.47 lakh shares in the past two weeks. The stock had hit a high of Rs 856.55 and a low of Rs 842.25 so far during the day.

Lupin announced the receipt of the Establishment Inspection Report (EIR) on the completion of an inspection by the US FDA (United States Food & Drug Administration) at its facility in Tarapur, Maharashtra. The inspection conducted between 27 and 31 August 2018 concluded with one inspectional observation.

Founded in 1992, the Tarapur facility is a state-of-the-art unit for manufacturing Active Pharmaceuticals Ingredients (API), both fermentation-based and synthetic.

Lupin's consolidated net profit fell 41.24% to Rs 268.45 crore on 3.78% rise in total income to Rs 4182.09 crore in Q2 September 2018 over Q2 September 2017.

Lupin is an innovation led transnational pharmaceutical company developing and delivering 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 position in the Anti-TB segment.

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