Divi's Laboratories surged 8.14% to Rs 735.50 at 15:15 IST on BSE after the company said US health regulator will lift the import alert imposed on the company's Unit-II at Visakhapatnam.
The announcement was made during market hours today, 10 July 2017.Meanwhile, the S&P BSE Sensex was up 357.31 points or 1.14% at 31,717.94.
On the BSE, 68.82 lakh shares were traded on the counter so far as against the average daily volumes of 1.42 lakh shares in the past one quarter. The stock had hit a high of Rs 816.15 and a low of Rs 681.25 so far during the day. The stock had hit a record high of Rs 1,380 on 16 September 2016 and a 52-week low of Rs 533.10 on 29 May 2017.
The stock had outperformed the market over the past one month till 7 July 2017, advancing 5.49% compared with the Sensex's 0.29% rise. The stock had also outperformed the market over the past one quarter, gaining 9.27% as against the Sensex's 5.57% rise. The scrip had, however, underperformed the market over the past one year, declining 39.34% as against the Sensex's 15.29% rise.
The large-cap company has equity capital of Rs 53.09 crore. Face value per share is Rs 2.
Divi's Laboratories had earlier informed that the United States Food and Drug Administration (USFDA) has issued an Import Alert under clauses 99-32 and 66-40 in March of 2017 and a warning letter in May of 2017 for its Vishakhapatnam facility.
Divi's had filed detailed responses and given updates to the Form-483 and the warning letter within the stipulated time. Divi's Laboratories, along with its external consultants, specialists and subject matter experts, had taken up appropriate remediation measures to address the concerns raised by USFDA.
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Divi's Laboratories' net profit fell 19.5% to Rs 259.29 crore on 3.5% decline in net sales to Rs 1063.14 crore in Q4 March 2017 over Q4 March 2016.
Divi's Laboratories is primarily engaged in the manufacture of active pharmaceutical ingredients (APIs) & intermediates for generics; custom synthesis of API's and advanced intermediates for discovery compounds for pharma giants; building blocks for peptides; building blocks for nucleotides; carotenoids; and chiral ligands.
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