 "Torrent Pharma shares gain on USFDA's 'VAI' tag to Pithampur facility")
Shares of Torrent Pharmaceuticals rose up to 2.43 per cent to hit an intraday high of Rs 3,180.05 a piece on the BSE. Torrent Pharma’s share price surged after the company received an establishment inspection report from the United States Food and Drugs Administration (USFDA) for its manufacturing facility at Pithampur, Madhya Pradesh.
The company said that the USFDA has now closed its inspection on the site which was conducted between September 16 to September 20,2024. The USFDA has classified the site under ‘Voluntary Action Indicated’ (VAI).
“This is to inform you that the USFDA has issued Establishment Inspection Report (“EIR”) with Voluntary Action Indicated (“VAI”) classification for the said manufacturing facility and the inspection has now been successfully closed by the USFDA,” the company said in an exchange filing on Friday.
VAI is a classification assigned by the USFDA to a facility when it identifies objectionable conditions or practices during an inspection. However, the issues are not deemed severe enough to warrant immediate regulatory action from the FDA.
Torrent Pharmaceuticals Limited, the flagship company of the Torrent Group, is a leading pharmaceutical firm with a strong presence in both Indian and international markets. The company excels in key therapeutic areas, including Cardiovascular (CV), Central Nervous System (CNS), Vitamins and Nutrients (VMN), Gastrointestinal (GI), and Anti-Diabetes (AD) therapies in India.
Torrent Pharma share price history
The company’s stock has outperformed the market year to date as it has risen 38 per cent, while gaining 50 per cent in the last one year. In comparison BSE Sensex has risen 7.5 per cent year to date and 17.6 per cent in a year.
The company has a total market capitalisation of Rs 1.07 trillion. Torrent Pharma shares are trading at a price to earnings multiple of 64.22 times and at an earning per share of Rs 48.34.
At 12:31 PM; the shares of the company were trading 2.36 per cent higher at Rs 3,177.75 a piece. By comparison, the BSE Sensex was up 1.25 per cent at 78,119.47 level.