Vivimed Labs spurts after unit completes USFDA inspection

Vivimed Labs jumped 6.38% to Rs 111.75 at 10:52 IST on BSE after the company said its UQUIFA facility received inspection report with zero 483 observations from the US drug regulator.

The announcement was made after market hours yesterday, 6 June 2017.

Meanwhile, the S&P BSE Sensex was up 129.40 points, or 0.41% at 31,319.96. The S&P BSE Small-Cap index was up 133.81 points, or 0.87% at 15,444.34.

On the BSE, 3.48 lakh shares were traded on the counter so far as against the average daily volume of 2.81 lakh shares in the past one quarter. The stock had hit a high of Rs 113.90 and a low of Rs 109.25 so far during the day. The stock had hit a record high of Rs 136.40 on 20 April 2017 and hit a 52-week low of Rs 68 on 9 August 2016.

The stock had underperformed the market over the past one month till 6 June 2017, declining 3.67% compared with the Sensex's 4.46% rise. The scrip had also underperformed the market over the past one quarter advancing 2.59% as against the Sensex's 7.38% rise. The scrip had, however, outperformed the market over the past one year advancing 32.97% as against the Sensex's 16.48% rise.

The small-cap company has equity capital of Rs 16.40 crore. Face value per share is Rs 2.

Vivimed Labs said that its active pharmaceutical ingredient (API) manufacturing facility located in Sant Celoni, Spain was recently inspected by the US Food and Drug Administration (USFDA) in compliance with their requirements. At the end of the successful inspection, we have been informed by the investigator that "zero" 483 observations were issued. This was a routine inspection by the USFDA, the company said.

Vivimed Labs' consolidated net profit spurted 810% to Rs 114.75 crore on 25.8% increase in net sales to Rs 436.68 crore in Q4 March 2017 over Q4 March 2016.

Vivimed Labs is a niche specialty chemicals and pharmaceuticals company.

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