Cadila Healthcare rose 4.26% to Rs 357.40 at 14:29 IST on BSE after the company's announcement that its Moraiya manufacturing facility in Gujarat has received an Establishment Inspection Report from the US drug regulator.
The announcement was made during trading hours today, 8 July 2016.Meanwhile, the BSE Sensex was down 61.51 points, or 0.23%, to 27,139.98.
On BSE, so far 5.19 lakh shares were traded in the counter, compared with average daily volume of 77,043 shares in the past one quarter. The stock hit a high of Rs 364 and a low of Rs 344.80 so far during the day. The stock had hit record high of Rs 454.40 on 23 October 2015. The stock hit a 52-week low of Rs 295.50 on 18 January 2016. The stock had outperformed the market over the past 30 days till 7 July 2016, rising 7.38% compared with 0.67% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 6.91% as against Sensex's 10.24% rise.
The large-cap company has an equity capital of Rs 102.37 crore. Face value per share is Re 1.
Cadila Healthcare said in a statement that the receipt of Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) only indicates closure of the inspection points (483s) raised based on the inspection of the plant carried out between 28 August 2014 and 5 September 2014. What is "closed" is the initial review that resulted in the warning letter issuance. Though this is a positive step towards the resolution of the warning letter issued by the USFDA, it does not in itself indicate resolution of the warning letter. The company is in constant follow up with the USFDA for resolution of the warning letter.
Cadila Healthcare's consolidated net profit rose 10.9% to Rs 388.70 crore on 5.7% growth in net sales to Rs 2375.50 crore in Q4 March 2016 over Q4 March 2015.
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Cadila Healthcare is an innovative, global pharmaceutical company that discovers, manufactures and markets a broad range of healthcare therapies.
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