Neuland Labs sizzles as USFDA completes inspection

Neuland Laboratories rose 5.82% to Rs 518.05 at 15:05 IST on BSE after the company announced that USFDA has completed inspection at manufacturing facility of the company at Sangareddy District.

The announcement was made during market hours today, 29 November 2018.

Meanwhile, the S&P BSE Sensex was 455.57 points, or 1.28% to 36,172.52

On the BSE, 17,000 shares were traded in the counter so far compared with average daily volumes of 3,160 shares in the past two weeks. The stock had hit a high of Rs 557 and a low of Rs 488 so far during the day.

Neuland Laboratories said that the United States Food and Drug Administration (USFDA) inspected one of the manufacturing facilities of the company (Unit 2), located at Pashmylaram, Patancheru Mandal, Sangareddy District, from 26 to 29 November 2018. The inspection at Unit 2 by the USFDA has been successfully completed, with no observations under Form 483.

Net profit of Neuland Laboratories rose 83.33% to Rs 4.40 crore on 29.89% rise in net sales to Rs 168.74 crore in Q2 September 2018 over Q2 September 2017.

Neuland Laboratories is a leading manufacturer of active pharmaceutical ingredients (APIs) and an end-to-end solution provider for the pharmaceutical industry's chemistry needs.

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