Unichem Labs gains after receiving inspection report from USFDA

Unichem Laboratories rose 2.09% to Rs 252 at 10:20 IST on BSE after the company said it received of establishment inspection report from the US drug regulator.

The announcement was made during trading hours today, 7 June 2017.

Meanwhile, the S&P BSE Sensex was up 146.95 points, or 0.47% to 31,337.51.

On the BSE, 13,000 shares were traded in the counter so far, compared with average daily volumes of 35,519 shares in the past one quarter. The stock had hit a high of Rs 264.10 and a low of Rs 247 so far during the day. The stock hit a 52-week high of Rs 319.90 on 20 October 2016. The stock hit a 52-week low of Rs 239.05 on 30 May 2017.

The stock had underperformed the market over the past one month till 6 June 2017, falling 7.30% compared with 4.23% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.34% as against Sensex's 7.92% rise. The scrip had also underperformed the market in past one year, falling 4.32% as against Sensex's 15.48% rise.

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

Unichem Laboratories said that its formulations manufacturing facility at Ghaziabad has received an Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA). This receipt 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 between 24 Feb 2017 to 3 March 2017.

Net profit of Unichem Laboratories rose 13.62% to Rs 31.46 crore on 12.83% 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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