Suven Life Sciences rose 4.83% to Rs 190 at 15:15 IST on BSE after the company said that its unit at Pashamylaram near Hyderabad has successfully completed USFDA inspection.
The announcement was made during trading hours today, 7 May 2018.Meanwhile, the S&P BSE Sensex was up 298.65 points, or 0.86% to 35,214.03.
On the BSE, 1.60 lakh shares were traded in the counter so far compared with average daily volumes of 77,000 shares in the past two weeks. The stock had hit a high of Rs 192 and a low of Rs 183.10 so far during the day. The stock hit a 52-week high of Rs 250.80 on 29 January 2018. The stock hit a 52-week low of Rs 155 on 11 August 2017.
The small-cap company has equity capital of Rs 12.73 crore. Face value per share is Re 1.
Suven Life Sciences said that the company has undergone USFDA renewal inspection at their facility in Pashamylaram near Hyderabad for the manufacture and supply of active pharmaceutical ingredients (bulk drugs), intermediates and formulations under cGMP during 5 February to 15 February 2018.
Based on this FDA inspection and the review thereafter, the facility is considered to be in an acceptable state of compliance with regards to Current Good Manufacturing Processes (CGMP) and the agency has determined that the inspection classification of this facility is no action indicated (NAI), Suven Life Sciences said. Also FDA has concluded that the inspection is closed and the agency has issued an Establishment Inspection Report (EIR) for Suven facility at Pashamylaram.
So far Suven Life Sciences has filed 19 DMF's and 5 ANDA's from this facility which is FDA complaint under cGMP and continued after renewal inspection.
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Net profit of Suven Life Sciences rose 42.56% to Rs 34.60 crore on 41.03% rise in net sales to Rs 162.74 crore in Q3 December 2017 over December 2016.
Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products.
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