Unichem Lab in pink of health after USFDA clears Goa unit

Unichem Laboratories gained 2.75% to Rs 267.25 at 10:30 IST on BSE after the company said that the US drug regulator has successfully closed inspection of company's unit at Goa.

The announcement was made during market hours today, 30 June 2017.

Meanwhile, the S&P BSE Sensex was down 37.47 points, or 0.12% to 30,820.05. The S&P BSE Small-Cap index was down 14.45 points, or 0.09% to 15,295.76.

On the BSE, 7,767 shares were traded in the counter so far, compared with average daily volumes of 33,312 shares in the past one quarter. The stock had hit a high of Rs 277 and a low of Rs 259.10 so far during the day. The stock had hit a 52-week high of Rs 319.90 on 20 October 2016. The stock had hit a 52-week low of Rs 239.05 on 30 May 2017.

The stock had outperformed the market over the past one month till 29 June 2017, gaining 7.52% compared with 0.81% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, dropping 7.42% as against Sensex's 4.49% gains. The scrip had also underperformed the market in past one year, declining 10.26% as against Sensex's 15.4% gains.

The small-cap company has equity capital of Rs 18.18 crore. Face value per share is Rs 2.

Unichem Laboratories said that the company's formulations manufacturing facility at Goa has received an Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA).

The receipt of EIR indicates the successful closure of the inspection and the queries raised during the audit (Form 483). The inspection has now been closed by the USFDA. The inspection was carried out from 14 March 2017 to 20 March 2017.

Net profit of Unichem Laboratories rose 13.6% to Rs 31.46 crore on 12.8% rise in net sales to Rs 339.78 crore in Q4 March 2017 over Q4 March 2016.

Unichem Laboratories is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India and several other markets across the world. In India, the company is a leader in niche therapy areas of cardiology, neurology, orthopedics and anti-infectives. The company has strong skills in product development, process chemistry and manufacturing of complex API as well as dosage forms.

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