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Satisfactory outcome of USFDA inspection of API facility perks up Vivimed Labs

Capital Market 

Vivimed Labs rose 2.11% to Rs 295 at 13:10 IST on BSE after the company received a favourable outcome for its API manufacturing facility at Spain after inspection from the US Food and Drug Administration.

The announcement was made during market hours today, 21 September 2015.

Meanwhile, the BSE Sensex was down 62.70 points, or 0.24%, to 26,156.21.

On BSE, so far 71,164 shares were traded in the counter, compared with an average volume of 62,236 shares in the past one quarter.

The stock hit a high of Rs 312 and a low of Rs 283.30 so far during the day. The stock hit a 52-week high of Rs 435.40 on 1 December 2014. The stock hit a 52-week low of Rs 175 on 24 June 2015.

The stock had underperformed the market over the past one month till 18 September 2015, dropping 8.31% compared with 5.79% fall in the Sensex. The scrip had however outperformed the market in past one quarter, jumping 50.47% as against Sensex's 3.31% decline.

The small-cap company has an equity capital of Rs 16.20 crore. Face value per share is Rs 10.

Vivimed Labs said that the audit of active pharmaceutical ingredients (API) manufacturing facility of the company located in Llica de Vall, Spain by the US Food and Drug Administration (USFDA) was conducted during the second week of September and concluded on 18 September 2015. On completion of the inspection, the USFDA inspectors concluded that the facility, its systems and practices comply with USFDA requirements with no observations reported on the form 483.

During the last one year, Vivimed has had a satisfactory outcome on the regulatory compliance front with all four of its USFDA approved manufacturing plants including Sant Celoni, Spain (May 2015), Alathur, India (February 2015), Cuemavaca, Mexico (September 2014) and now Llica de Vall, Spain.

Vivimed Labs' consolidated net profit rose 41.1% to Rs 24.17 crore on 9.5% drop in total income to Rs 332.96 crore in Q1 June 2015 over Q1 June 2014.

Vivimed Labs is a leading manufacturer and exporter of specialty chemicals mainly used in the personal-care and pharmaceutical industries.

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First Published: Mon, September 21 2015. 13:06 IST