Shilpa Medicare spurts after USFDA concludes inspection

Shilpa Medicare surged 6.64% to Rs 276.90 after the company said that US drug regulator concluded inspection at finished dosage formulation facility in Telangana.

The US Food and Drug Administration (USFDA) inspected the company's finished dosage formulation facility (sterile and non-sterile dosage forms) located at Telangana from 29 August to 6 September 2019. The inspection concluded with two observations.

There were no repeat observations or data integrity (DI) related observations. The company is confident of addressing these observations and responding to the USFDA at the earliest.

Meanwhile, the S&P BSE Sensex was up 122.08 points or 0.33% to 37,103.85.

On the BSE, 4536 shares were traded in the Shilpa Medicare counter so far compared with average daily volumes of 2439 shares in the past two weeks. The stock hit a high of Rs 276.90 and a low of Rs 260.5 so far during the day.

The stock hit a 52-week high of Rs 546.95 on 14 Sep 2018. The stock hit a 52-week low of Rs 190.8 on 04 Sep 2019.

Shares of Shilpa Medicare have risen 30.64% four trading sessions to its current market price from its close of Rs 211.95 on 3 September 2019.

On a consolidated basis, the pharmaceutical company's net profit fell 53.2% to Rs 15.74 crore on a 18.8% decline in net sales to Rs 160.99 crore in Q1 June 2019 over Q1 June 2018.

Shilpa Medicare is a global brand in manufacturing and supplying of affordable API and formulations globally in different regulated markets.

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