US drug regulator's inspection took place from 3rd to 13th December 2019.Sun Pharmaceutical Industries in an exchange filing after market hours yesterday, 13 December 2019, said that the US Food and Drug Administration (USFDA) conducted a Good Manufacturing Practices (GMP) inspection at the company's Halol facility in Gujarat from 3-13 December 2019. At the conclusion of the inspection, the agency issued a Form 483, with eight observations.
The company said it is preparing the response to the observations, which will be submitted to the USFDA within 15 business days. The firm is committed to addressing these observations promptly. The company remains committed to working closely with the USFDA and continues to enhance its GMP compliance on an ongoing basis, it said.
Shares of Sun Pharmaceutical Industries rose 1.12% to Rs 438.65 on BSE yesterday.
In the past one month, Sun Pharma surged 6.55% higher as compared to a 5.02% rise in Nifty Pharma index.
The stock trades marginally below its 20 days simple moving average placed at 440.79 which will act as a resistance in near term. The stock trades above its 50 and 100 days simple moving average placed at 421.99 and 422.13 respectively. These two levels will act as a support zone for the stock.
On consolidated basis, the drug major's net profit stood at 1,064.09 crore in Q2 September 2019 compared with a net loss of Rs 269.60 crore in Q2 September 2018. Net sales jumped 16.10% to Rs 7,949.19 crore in Q2 September 2019 over Q2 September 2018.
Sun Pharma is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
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