Shasun Pharma spurts after successful completion of inspection by two regulators

Shasun Pharmaceuticals surged 8.26% to Rs 77.95 at 10:47 IST on BSE after the company said it has successfully completed USFDA inspection and Brazilian inspection during the first week of June and July 2013 respectively.

The announcement was made during trading hours today, 17 July 2013.

Meanwhile, the S&P BSE Sensex was up 94.32 points or 0.48% at 19,945.55.

On BSE, 3.66 lakh shares were traded in the counter as against average daily volume of 1.33 lakh shares in the past one quarter.

The stock hit a high of Rs 79.50 and a low of Rs 72.60 so far during the day. The stock had hit a record high of Rs 185.90 on 10 September 2012. The stock had hit a 52-week low of Rs 45.60 on 26 June 2013.

The stock had outperformed the market over the past one month till 16 July 2013, surging 11.8% compared with the Sensex's 3.51% gain. The scrip had, however, underperformed the market in past one quarter, sliding 5.51% as against Sensex's 5.9% rally.

The small-cap company has equity capital of Rs 11.32 crore. Face value per share is Rs 2.

Shasun Pharmaceuticals (Shasun) said that the main focus of the inspection by the United States Food and Drug Administration (USFDA) was for post approval of certain products which has been commercially launched recently by Shasun's customer in the United States. Post completion of inspection, the USFDA authorities concluded that the facility, systems and practices comply with USFDA requirements and there were no recommendations or observations, Shasun said.

Shasun's facility also underwent a Brazilian (National Health Surveillance Agency) inspection in the first week of July 2013. This is a pre-approval inspection for an NDA product with a big pharma company associated with Shasun, the company said. The regulatory authorities concluded that the facility, systems and practices comply with ANVISA Cgmp requirements, Shasun said.

Shasun Pharmaceuticals' consolidated net profit fell 77.5% to Rs 13.26 crore on 9.4% decline in net sales to Rs 261.45 crore in Q4 March 2013 over Q4 March 2012.

Shasun is an integrated, leading global supplier of development and manufacturing services for intermediates, API and formulations to the pharmaceutical industry.

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