Natco Pharma rises on receiving EIR for API facility

Natco Pharma rose 1.60% to Rs 590.50 after the company said it received establishment inspection report for active pharmaceutical ingredient facility in Hyderabad.

Natco Pharma announced successful closure of inspection with the receipt of an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for the inspection conducted at its active pharmaceutical ingredient (API) facility in Mekaguda Village, near Hyderabad, India, which was conducted during the period 5th-9th August 2019. The announcement was made during trading hours today, 1 October 2019.

Shares of Natco Pharma fell 3.72% in the past two trading sessions to settle at Rs 581.20 yesterday, 30 September 2019, from its close of Rs 603.70 on 26 September 2019.

Meanwhile, the S&P BSE Sensex was down 88 points or 0.23% to 38,579.06.

On the BSE, 581 shares were traded in the counter so far compared with average daily volumes of 7,086 shares in the past two weeks. The stock hit an intraday high of Rs 590.50 and an intraday low of Rs 579.50 so far during the day.

The stock hit a 52-week high of Rs 801.20 on 5 November 2018. The stock hit a 52-week low of Rs 482 on 28 May 2019.

Natco Pharma's consolidated net profit fell 21.1% to Rs 143.20 crore on a 8.6% decline in net sales to Rs 492.30 crore in Q1 June 2019 compared with Q1 June 2018.

Natco Pharma is engaged in developing, manufacturing and marketing finished dosage formulations (FDF) and active pharmaceutical ingredients (APIs).

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