Cadila settles in green on EIR report from USFDA

Cadila Healthcare shares today defied the broader market trend and settled with gains of nearly two per cent after the drug firm received an Establishment Inspection Report (EIR) from the USFDA.
The company's manufacturing plant at Baddi, Himachal Pradesh, has successfully obtained the Establishment Inspection Report from the United States Food and Drug Administration (USFDA) after successful inspection closure.
Following the development, shares of the company opened at Rs 308 on BSE, then jumped 4.32 per cent to touch an intra-day high of Rs 323.50. In the end, the stock closed at Rs 315.10, higher by 1.61 per cent.
Similar trend was seen on the NSE as the scrip opened at Rs 307, then touched a high of Rs 323.35 and finally closed at Rs 315.05, up 1.53 per cent.

The uptick in the counter assumes significance as the broader market settled in the negative territory.
The 30-share benchmark Sensex today settled at 24,825.04, down 109.29 points.
The EIR report would pave the way for further approval of products from Baddi manufacturing facility. The company makes formulations at this facility.
The EIR report is given to an establishment after the completion of the inspection by the USFDA.