Shilpa Medicare spurts 56% in eleven days

Shilpa Medicare rose 0.25% to Rs 379.90, extending gains for eleventh day.

Shares of the pharmaceurical company have added 56.43% in eleven sessions from its recent closing low of Rs 242.85 recorded on 30 March 2020.

On Saturday (18 April 2020), Shilpa Medicare announced the the receipt of establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) for the inspection conducted at API manufacturing site located at Raichur, Karnataka, India, during the period between 3 and 7 February 2020. USFDA has determined that the inspection classification of this facility is no action indicated (NAI).

The pharmaceutical company's consolidated net profit surged 248.7% to Rs 55.06 crore on a 36.6% jump in net sales to Rs 236.85 crore in Q3 December 2019 over Q3 December 2018.

Shilpa Medicare is engaged in the business of manufacturing of bulk drugs or active pharmaceutical ingredient (API) and intermediates, and wind power generation. The company's segments include bulk drug/intermediates and energy. It deals with APIs, intermediates, formulations, new drug delivery systems, peptides/biotech products and specialty chemicals.

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