Wockhardt gains after USFDA excludes Ceftriazone Sodium from import alert

Wockhardt rose 3.97% to Rs 930 at 9:32 IST on BSE after the company said that US drug regulator has excluded Ceftriazone Sodium from import alert.

The announcement was made after market hours yesterday, 3 October 2016.

Meanwhile, the BSE Sensex was up 116.81 points, or 0.41%, to 28,360.10.

On BSE, so far 1.42 lakh shares were traded in the counter, compared with average daily volume of 3.40 lakh shares in the past one quarter. The stock hit a high of Rs 936.95 and a low of Rs 920 so far during the day. The stock hit a 52-week high of Rs 1,748.20 on 2 December 2015. The stock hit a 52-week low of Rs 706.35 on 12 February 2016. The stock had outperformed the market over the past 30 days till 3 October 2016, rising 9.47% compared with 1.01% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 6.48% as against Sensex's 3.96% rise.

The large-cap company has equity capital of Rs 55.27 crore. Face value per share is Rs 5.

Wockhardt announced that US Food and Drug Administration (USFDA) on 30 September 2016 excluded the product Ceftriazone Sodium from import alert 66-40 announced by USFDA on the company's active pharmaceutical ingredients (API) unit at Ankleshwar, Gujarat on 8 August 2016. This will enable the company to manufacture and sell Ceftriazone API and formulation to US market.

On 29 September 2016, Wockhardt announced that inspection of the company's manufacturing unit at L-1, Chikalthana, Aurangabad, Maharashtra by UK Medicines and Healthcare products Regulatory Agency (MHRA) has since been completed without any critical observations and the approval status of the said unit continues.

On a consolidated basis, Wockhardt's net profit slumped 82.65% to Rs 15.89 crore on 6.57% decline in net sales to Rs 1064.01 crore in Q1 June 2016 over Q1 June 2015.

Wockhardt is a research based and technology intensive global pharmaceutical and biotechnology company.

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