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Granules India jumps after USFDA clears facility

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Granules India jumped 8.03% to Rs 125.80 at 14:10 IST on BSE after the company said that the US drug regulator has issued Establishment Inspection Report for the Gagillapur facility.

The announcement was made during market hours today, 16 August 2017.

Meanwhile, the S&P BSE Sensex was up 236.86 points or 0.75% at 31,685.89. The S&P BSE Small-Cap index was up 165.71 points or 1.08% at 15,574.91.

Huge volumes were witnessed on the counter. On the BSE, 5.16 lakh shares were traded on the counter so far as against the average daily volumes of 1.68 lakh shares in the past one quarter. The stock had hit a high of Rs 128.05 and a low of Rs 118.45 so far during the day. The stock had hit a 52-week high of Rs 157 on 18 May 2017 and a 52-week low of Rs 91.45 on 9 November 2016.

 

The stock has jumped 17.24% in three sessions to its ruling price from a close of Rs 107.30 on 10 August 2017.

The stock had underperformed the market over the past one month till 14 August 2017, falling 17.06% compared with the Sensex's 1.79% decline. The stock had also underperformed the market over the past one quarter, declining 18.68% as against the Sensex's 4.18% rise. The scrip had also underperformed the market over the past one year, dropping 13.42% as against the Sensex's 11.71% rise.

The small-cap company has equity capital of Rs 22.89 crore. Face value per share is Re 1.

Granules India said that the US drug regulator has issued Establishment Inspection Report (IER) for the Gagillapur facility of the company located at Hyderabad, Telangana, India.

The facility was inspected by United States Food & Drug Administration (USFDA) in October 2016 and there were no observations during the inspection. The facility manufactures finished dosages and pharmaceutical formulation intermediates.

Granules India's consolidated net profit fell 5.5% to Rs 36.80 crore on 10.2% rise in net sales to Rs 378.73 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Friday, 14 August 2017.

Granules India said that the board of directors of the company declared first interim dividend of 25 paise per share for the year ending 31 March 2018 (FY 2018).

Granules India is present across the entire pharmaceutical manufacturing value chain from active pharmaceutical ingredients (API) to pharmaceutical formulation intermediates (PFI) to finished dosages (FD) manufacturing.

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First Published: Aug 16 2017 | 2:17 PM IST

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