Alkem stock up over 2% as its Gujarat unit gets USFDA nod

Shares of Alkem Labs ended with more than 2 per cent gains after the company said one of its manufacturing plants in Gujarat has obtained establishment approval from US health regulator.
The stock gained 2.11 per cent to settle at Rs 1,341 on BSE. During the day, it jumped 4.91 per cent to Rs 1,377.75.
At NSE, shares of the company rose 2.38 per cent to end at Rs 1,342.60.
"Its manufacturing plant at Mandva, Gujarat, has successfully obtained the Establishment Inspection Report from the USFDA. The plant manufactures Active Pharmaceutical Ingredients (APIs) and was inspected by the USFDA in September 2015," Alkem Labs said in a BSE filing yesterday.

The facility at Mandva would be Alkem's sixth plant to receive USFDA approval.
"The development reaffirms Alkem's focus towards the US as its key market and further boost Alkem's ability to enhance its product offering in the market," Alkem Labs CEO Prabhat Aggarwal said.