Shares of Shilpa Medicare today rose sharply by nearly 12 per cent after the company said the US health regulator has issued an establishment inspection report (EIR) for its Raichur facilities in Karnataka.
The company's stock surged 10.10 per cent to settle at Rs 422.25 on the BSE. Intra-day, it zoomed 13.14 per cent to Rs 433.90.
On the NSE, shares of the company soared 11.53 per cent to close at Rs 425.55.
The company's market valuation surged Rs 316.47 crore to Rs 3,442.47 crore.
"We are in receipt of EIR (establishment inspection report) from the US Food and Drug Administration (USFDA) to our both API manufacturing facilities located at Raichur, Karnataka," Shilpa Medicare said in a BSE filing.
This inspection was carried out between January 16-19, 2018. The inspection has now been closed by the USFDA, it added.
USFDA gives EIR on closure of inspection of an establishment that is the subject of an FDA or FDA-contracted inspection.