SeQuent Scientific rises on receiving EIR from USFDA for Bengaluru lab

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The pharma company rose 2.87% to Rs 71.65 after the firm received Establishment Inspection Report from the US drug regulator for analytical laboratory at Bengaluru.

SeQuent Scientific announced during trading hours today, 20 August 2019, that its wholly owned subsidiary, SeQuent Research, has received Establishment Inspection Report (EIR) from USFDA for its GLP compliant, analytical services laboratory at Bengaluru.

The Bengaluru laboratory was set up in 2017 to cater to the growing analytical requirements of large pharmaceutical and FMCG majors in the region. The facility is equipped with best-in-class infrastructure, strong team of trained analytical scientists and LIMS-enabled Quality Management System. SRL also has another US FDA approved analytical laboratory at Mangaluru, which has been providing services since 2008. The Mangaluru laboratory was successfully inspected by the US FDA in December 2018.

Meanwhile, S&P BSE Sensex was down 86.95 points or 0.23% at 37,315.54.

On BSE, 37,000 shares were traded in SeQuent Scientific counter, compared to a 2-week average of 21,000 shares. The stock hit an intraday high of Rs 72.15 and an intraday low of Rs 69.05.

It hit a 52-week high of Rs 89 on 22 January 2019 and a 52-week low of Rs 42.45 on 9 October 2018.

Shares of SeQuent Scientific gained 5.52% in two trading sessions to its current market price of Rs 71.65, from a recent closing low of Rs 67.90 on Friday, 16 August 2019.

SeQuent Scientific's consolidated net profit jumped 249.4% to Rs 11.46 crore on 18.2% surge in net sales to Rs 278.02 crore in Q1 June 2019 compared with Q1 June 2018.

SeQuent Scientific is a pharmaceutical company. Its segments include pharmaceuticals, speciality chemicals and analytical services. It focuses on products for livestock, poultry and companion animals. It offers laboratory and technical support services also.

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