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Sun Pharma in pink of health after USFDA clears facility post inspection

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Industries gained 2.4% to Rs 538.40 at 10:00 on after the company said that the US drug regulator cleared its Dadra facility based on responses to its inspection conducted in April this year.

The announcement was made after market hours yesterday, 11 October 2017.

Meanwhile, the S&P Sensex was up 98.61 points or 0.31% at 31,932.60.

On the BSE, 1.71 lakh shares were traded on the counter so far as against the average daily volumes of 4.87 lakh shares in the past one quarter. The stock had hit a high of Rs 548 and a low of Rs 537.50 so far during the day. The stock had hit a 52-week high of Rs 759 on 19 October 2016. The stock had hit a 52-week low of Rs 433.15 on 14 August 2017.

The stock had outperformed the market over the past one month till 11 October 2017, advancing 12.19% compared with the Sensex's 0.15% fall. The stock had, however, underperformed the market over the past one quarter, falling 6.73% as against the Sensex's 0.27% rise. The scrip had also underperformed the market over the past one year, dropping 30.3% as against the Sensex's 13.68% rise.

The large-cap company has equity capital of Rs 239.93 crore. Face value per share is Re 1.

Industries said that the inspection conducted by United States Food & Drug Administration (USFDA) at the company's Dadra facility in April this year is closed. The company received a communication from the USFDA releasing a copy of the Establishment Inspection Report (EIR) in respect of the inspection based upon responses to the observation letter. EIR is issued to the entity when the USFDA concludes that an inspection is closed under Title 21 Section 20.64 (d) (3) of Code of Federal Regulation.

On 21 April 2017, the company had clarified on the USFDA inspection at the company's Dadra facility wherein it had indicated that the company was then in the process of responding to the Form-483 observation letter issued by the USFDA post the inspection completed on 13 April 2017.

The company at that time had further stated that if there are any material developments related to this inspection, the company will promptly inform the stock exchanges.

Industries reported consolidated net loss of Rs 322.60 crore in Q1 June 2017 compared with net profit of Rs 2267.71 crore in Q1 June 2016. Net sales fell 23% to Rs 6166.66 crore in Q1 June 2017 over Q1 June 2016.

Sun Pharmaceutical Industries is a specialty generic pharmaceutical company and India's top pharmaceutical company.

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

First Published: Thu, October 12 2017. 10:05 IST