Shares of drug firm Strides Arcolab today surged over 13 per cent as the company's manufacturing facility in Bangalore has been approved by the US health regulator after a successful audit of the plant.
The drug firm's stock rose sharply by 13.03 per cent to settle at Rs 526.70 on the BSE. During the day, the scrip soared 20 per cent to Rs 559.20 -- its 52-week high level.
At the NSE, the stock settled 12.52 per cent higher at Rs 524.55.
On the volume front, 19.07 lakh shares of the company changed hands at the BSE, while over 45 lakh shares were traded at the NSE.
"Oral Dosage Forms manufacturing site (KRS Gardens) in Bangalore was recently inspected by the US Food and Drug Administration (USFDA) as part of GMP compliance audit and the facility continues to be approved," Strides Arcolab said in a statement.
The last USFDA inspection and approval for this facility was in the year 2011, it added.
The KRS Gardens facility in Bangalore manufactures oral dosage forms such as tablets, capsules (both hard gelatine and soft gelatine) and sachets.
The manufacturing plant supports important current and future submissions for the US market, the company said.
