Indoco Remedies rose 3.53% to Rs 160 after the US drug regulator issued Establishment Inspection Report (EIR) to the company's clinical research organisation in Hyderabad.
Indoco Remedies announced the receipt of Establishment Inspection Report (EIR) for its Clinical Research Organisation, AnaCipher, located at Hyderabad for the inspection carried out by the United States Food and Drug Administration (division of New Drug Bioequivalence Evaluation) from 5th to 9th August 2019. The inspection was successfully conducted without any observations and stands closed now.
"We strictly adhere to regulatory guidelines and maintain highest standards in delivering quality services to our clients. This has resulted in zero 483s in the last five successive USFDA inspections," stated Aditi Kare Panandikar, managing director, Indoco Remedies.
The CRO -AnaCipher conducts Bioequivalence and Bioavailability (BA/BE) studies at its facility spread over an area of 30,000 square feet with 98 beds. The CRO also has expertise in Bioanalytical work for new chemical entities (Phase I-III studies). The announcement was made during market hours today, 26 November 2019.
The company on Monday, 25 November 2019, announced that it received an EIR from the US drug regulator for its sterile facility (plant II) and solid dosages facility (plant III) at Goa. The inspection was carried out from Monday, 7th to 15th October 2019.
Shares of Indoco Remedies jumped 7.05% in two trading sessions to its current market price of Rs 160 from its recent closing low of Rs 149.45 on Friday, 22 November 2019.
The stock was trading in the range of Rs 157.55 to Rs 164 so far during the day.
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In the past one month, shares of Indoco Remedies rose 6.45% to its current market price of Rs 160, outperforming the Nifty Pharma index's 6.39% rise in the same period.
On the technical front, the stock's RSI (relative strength index) stood at 60.054. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading above its 50-day moving average (DMA) placed at Rs 151.28, but it was still below its 200 DMA placed at Rs 167.92 respectively.
Indoco Remedies reported a consolidated net profit of Rs 7.81 crore in Q2 September 2019 compared with a net loss of Rs 7.45 crore in Q2 September 2018. Net sales rose 21.1% to Rs 286.21 crore in Q2 September 2019 from Rs 236.26 crore in Q2 September 2018.
Indoco Remedies is a fully integrated, research-oriented pharma company with presence in 55 countries.
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