Strides Shasun gains after announcing successful completion of USFDA inspection of Bangalore unit

Strides Shasun rose 4.78% to Rs 1,182.50 at 11:27 IST on BSE after the company announced successful completion of USFDA inspection at its oral dosage facility in Bangalore.

The announcement was made after market hours yesterday, 30 June 2016.

Meanwhile, the S&P BSE Sensex was up 233.70 points or 0.87% at 27,232.08.

On BSE, so far 88,000 shares were traded in the counter as against average daily volume of 43,712 shares in the past one quarter. The stock hit a high of Rs 1,205 and a low of Rs 1,160 so far during the day. The stock had hit record high of Rs 1,412.45 on 23 November 2015. The stock had hit a 52-week low of Rs 848 on 29 February 2016. The stock had outperformed the market over the past 30 days till 30 June 2016, gaining 1.58% compared with Sensex's 1.07% gains. The stock, however, underperformed the market in past one quarter, rising 5.88% as against Sensex's 6.85% rise.

The large-cap company has an equity capital of Rs 89.37 crore. Face value per share is Rs 10.

Strides Shasun yesterday, 30 June 2016 announced successful completion of the United States Food and Drug Administration (USFDA) inspection of its oral dosage facility in Bangalore with 'Zero 483s'. The audit was carried out related to a product filed from the new semi solids block from where the company has made a series of filings, Strides Shasun said. With the recently closed Establishment Inspection Report (EIR) announced on 7 June 2016, the entire facility is now USFDA compliant, the company said. The oral dosage facility in Bangalore manufactures oral dosage forms including tablets, capsules, ointments and liquids. The manufacturing plant supports important current and future submissions for the US market, it added.

Strides Shasun's consolidated net profit rose 744.04% to Rs 96.22 crore on 212.25% rise in net sales to Rs 961.20 crore in Q4 March 2016 over Q4 March 2015.

Strides Shasun is a vertically integrated global pharmaceutical company headquartered in Bangalore. The company has four business verticals, viz., Regulated Markets, Emerging Markets, Institutional Business and Pharmaceutical Services & Active Ingredients. The company has global manufacturing foot print with 12 manufacturing facilities spread across three continents including 6 US FDA approved facilities and 6 facilities for the emerging markets.

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