Cadila Healthcare rose 1.92% to Rs 356.45 at 12:53 IST on BSE after the company issued clarification with regard to media reports of receiving warning letter from the United States Food and Drug Administration.
Meanwhile, the S&P BSE Sensex was up 154.26 points or 0.59% at 26,367.70.
On the BSE, 50,000 shares were traded on the counter so far as against the average daily volumes of 57,791 shares in the past one quarter. The stock had hit a high of Rs 358.70 and a low of Rs 343.50 so far during the day.
The stock had hit a 52-week high of Rs 429.45 on 1 November 2016 and a 52-week low of Rs 295.50 on 18 January 2016. It had underperformed the market over the past one month till 27 December 2016, sliding 13.66% compared with the Sensex's 0.39% fall. The scrip had also underperformed the market in the past one quarter, declining 12.01% as against the Sensex's 7.12% fall.
The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Rs 1.
Cadila Healthcare in its clarification issued to the stock exchanges during market hours today, 28 December 2016, said that Zydus Discovery DMCC, a 100% subsidiary of Cadila Healthcare has received an untitled letter and not a warning letter from the United States Food and Drug Administration (USFDA), as being projected in media reports.
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The letter is related to a product promotion of a drug which is not marketed in the US and is currently marketed only in India. Cadila Healthcare said it has taken necessary actions to respond to the letter.
Cadila Healthcare's consolidated net profit fell 28.9% to Rs 337.60 crore on 3.1% increase in net sales to Rs 2336.30 crore in Q2 September 2016 over Q2 September 2015.
Cadila Healthcare is a global pharmaceutical company that discovers, manufactures and markets a broad range of healthcare therapies.
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