Lupin jumps after USFDA clears its Goa facility

Lupin jumped 7.19% to Rs 1,523.05 at 9:28 IST on BSE after the company announced that it has received notification about the closure of the inspection carried out by the US drug regulator in March 2016 at its Goa facility.

The announcement was made on Saturday, 5 November 2016.

Meanwhile, the S&P BSE Sensex was up 231.32 points or 0.85% at 27,519.17.

On BSE, so far 56,345 shares were traded in the counter as against average daily volume of 1.13 lakh shares in the past one quarter. The stock hit a high of Rs 1,534.85 and a low of Rs 1,511 so far during the day. The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016. The stock had hit a 52-week low of Rs 1,294.05 on 29 March 2016.

The large-cap company has equity capital of Rs 90.25 crore. Face value per share is Rs 2.

Lupin announced that it has received notification that the inspection carried out by the United States Food & Drug Administration (USFDA) in March 2016 at its Goa facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding USFDA inspections at Lupin's Goa facility, the company added.

Commenting on the receipt of the EIR, Vinita Gupta, Chief Executive Officer and Nilesh Gupta, Managing Director, Lupin, said the company is committed to ensuring that all systems and processes followed by Lupin are compliant with cGMP and are committed to bringing quality products to market. The company is grateful for the USFDA's confidence in its corrective action plan and in company's team. It is company's goal to remain well ahead on the compliance curve, she added.

Lupin's consolidated net profit rose 55.1% to Rs 881.95 crore on 40% growth in net sales to Rs 4313.56 crore in Q1 June 2016 over Q1 June 2015.

Lupin is a pharmaceutical company producing and developing a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (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.

Powered by Capital Market - Live News