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Lupin gains after Nagpur facility receives EIR

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Lupin rose 1.94% to Rs 681.75 after the company said its Nagpur facility received establishment inspection report from the US drug regulator.

Lupin announced the receipt of the establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) for its Nagpur facility. The facility was inspected by the USFDA between 5 and 8 August 2019. The inspection for the oral solid facility at Nagpur closed without any Form 483 observation.

The Nagpur facility is Lupin's largest and most advanced oral solid dosage facility and has maintained a solid track record of compliance.

Commenting on the receipt of the EIR, Nilesh Gupta, managing director, Lupin said, "Excelling at quality and compliance is one of our top priorities and we remain committed to meeting and exceeding standards set by regulatory agencies globally."

Meanwhile, the S&P BSE Sensex was up 646 points or 1.72% to 38,177.95. The Nifty Pharma Index was trading 1.03% higher at 7,611.40.

On the BSE, 44,098 shares were traded in the counter so far compared with average daily volumes of 64,929 shares in the past two weeks. The stock hit a high of Rs 746 and a low of Rs 723.05 so far during the day.

The stock hit a 52-week high of Rs 914 on 31 October 2018 and a 52-week low of Rs 646.2 on 7 October 2019.

Lupin's consolidated net profit jumped 49.5% to Rs 303.05 crore on a 15.4% surge in net sales to Rs 4,355.83 crore in Q1 June 2019 compared with Q1 June 2018.

Lupin is engaged in producing, developing and marketing a range of branded and generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) across the world.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 18 2019. 14:52 IST