Sun Pharmaceutical Industries has moved higher by 1.8% at Rs 682, bouncing back 2.4% from day’s low after the company said its subsidiary Caraco has received USFDA clearance to resume operations at its manufacturing facility and packaging sites in Detriot and Wixom, Michigan.
"Subsequent to inspections earlier this year and corrective action on 483's, USFDA has determined Caraco to be in compliance with relevant paragraphs of the Consent Decree. Therefore, USFDA has notified that Caraco may resume operations at its manufacturing facility and packaging sites in Detriot and Wixom, Michigan,” Sun Pharma said in a filing.
As a result, the increase in production at these sites and resultant revenue contribution is expected to be gradual, it added.
The stock opened at Rs 670 and hit a low of Rs 666 on the NSE. A combined 1.8 million shares have changed hands on the counter so far on both the exchanges