Strides Shasun moves higher after securing EIR for a manufacturing site

Strides Shasun rose 0.97% to Rs 1,129.15 at 14:36 IST on BSE after the company's announcement that the US Food and Drug Administration has completed inspection of its drug manufacturing facility in Bangalore.

The announcement was made during market hours today, 7 June 2016.

Meanwhile, the S&P BSE Sensex was up 235.67 points or 0.88% at 27,013.12.

On BSE, so far 58,000 shares were traded in the counter as against average daily volume of 43,000 shares in the past two weeks. The stock hit a high of Rs 1,166.05 and a low of Rs 1,108 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.

Strides Shasun said that the company's oral dosage forms manufacturing site (KRS Gardens) in Bangalore which was inspected by the United States Food and Drug Administration (USFDA) in February 2016 has received the Establishment Inspection Report (EIR), thereby confirming the closure of the inspection. The facility continues to be USFDA approved, Strides Shasun said. This drug manufacturing facility in Bangalore manufactures oral dosage forms including tablets, capsules (both hard gelatine and soft gelatine). The manufacturing plant supports important current and future submissions for the US market.

Strides Shasun's consolidated net profit rose 744% to Rs 96.22 crore on 212.3% rise in net sales to Rs 961.20 crore in Q4 March 2016 over Q4 March 2015.

Strides Shasun is a pharmaceutical company with a key focus on development and manufacture of IP-led niche generics and bio-pharmaceuticals. It is also among the world's largest manufacturers of specialty soft gelatin capsules.

Powered by Capital Market - Live News