Alembic Pharma rises 3% as JV firm successfully completes USFDA inspection

Shares of Alembic Pharmaceuticals climbed up to nearly 3 per cent on the BSE in the early trade Thursday, a day after the company said its joint venture firm Aleor Dermaceuticals has completed United States Food and Drug Administration (USFDA) inspection at its formulation manufacturing facility located at Karakhadi, Gujarat without any observations. The inspection was carried out from January 6 to January 8. Click to read press release

Aleor Dermaceuticals is a 60:40 Joint Venture (JV) between Alembic Pharmaceuticals and Orbicular Pharmaceutical Technologies.

At 09:49 am, the stock was trading around 2 per cent higher at Rs 563 apiece on the BSE. It hit a high of Rs 568 in the early trade. In comparison, the benchmark S&P BSE Sensex was trading 422 points or 1 per cent higher at 41,240 levels. 

For September quarter of the current fiscal year (Q2FY20), the company had posted 25.12 per cent increase in consolidated profit after tax (PAT) at Rs 250.45 crore against Rs 200.09 crore in the same quarter last fiscal.

Revenue from operations during the period under review stood at Rs 1,240.87 crore as against Rs 1,127.06 crore in the year-ago quarter, up 10 per cent. 

So far in the fiscal year, the stock has given nearly 3 per cent returns against 3.45 rise in the Nifty50 index.