 "EU Court upholds Rs 126 cr fine imposed on Ipca Labs' unit; stock jumps 4%")
Ipca Labs stock rises: Shares of Ipca Labs surged as much as 3.70 per cent to hit an intraday high of Rs 528.35 per share on Friday.
The uptick in share price came after the company announced that the EU Court upheld Rs 126 crore fine imposed on Ipca Labs' unit, Unichem Laboratories.
In an exchange filing, Ipca Labs said, “We hereby inform you that the ‘Court of Justice of the EU’ has upheld the fine of Euro 13.96 million (approx Rs 125.62 crore) imposed by the ‘General Court of the EU’ collectively on Unichem Laboratories Limited (subsidiary company/Unichem) and Unichem’s wholly owned subsidiary viz., Niche Generics Ltd (step-down subsidiary/Niche) with respect to patent dispute settlement agreement done by them for Perindopril drug matter with the innovator French Company Servier group.”
The company further said that this judgement would have no material impact on the operations of the company.
Despite ongoing litigation, the company has made provisions amounting to Rs 125.62 crore in its financial records.
Ipca Laboratories Ltd is a pharmaceutical company headquartered in Mumbai. It primarily engages in the manufacturing and marketing of pharmaceuticals, APIs (Active Pharmaceutical Ingredients), and formulations.
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The company has a major international presence with operations in over 110 countries, exporting products to the United States, Europe, Australia, and other markets.
Furthermore, Ipca Labs focuses on various therapeutic areas including anti-malarial, anti-emetics, cardiovascular, anti-diabetics, analgesics, and antibiotics.
Ipca has manufacturing facilities that comply with international regulatory standards such as US FDA, UK MHRA, WHO-GMP, and TGA Australia. These facilities are located in India and several other countries.
Ipca Laboratories Limited is an Indian multinational pharmaceutical company based in Mumbai. It produces theobromine, acetylthiophene, and p-bromotoluene as active pharmaceutical ingredients (APIs). Ipca sells these APIs and their intermediates globally
The market capitalisation of Ipca Labs is Rs 28,573.22 crore, according to Bombay Stock Exchange (BSE).
The 52-week high of the stock is Rs 1,373.95 while its 52-week low is Rs 736.45 per share.
At 12:01 PM, shares of Ipca Labs were trading 3.32 per cent higher at Rs 1,126.45 per share. By comparison, BSE Sensex was trading 0.22 per cent higher at 79,414.51 levels.