Ipca Laboratories is trading higher by 2.2% at Rs 715, extending its yesterday’s 8.2% rally, after the drug maker said US health regulator has found its manufacturing facility in SEZ Indore acceptable after an inspection.
The stock opened at Rs 702 and hit a record high of Rs 730 on BSE. A combined around 50,000 shares change hands on the counter so far on BSE and NSE.
Management had earlier guided that once the approval is received, the facility would cater to the US generic market and potentially post sales of US$100mn in the next 2-3 years.
“Management expects the revenue from Indore SEZ to start from 4QFY2014. For FY2014 and FY2015, we have build in revenues of Rs 51crore and Rs 200 crore revenues from this facility, and hence upgrade our sales forecast by 1.5% and 6.7% respectively,” says analyst at Angel Broking in a note.
The stock opened at Rs 702 and hit a record high of Rs 730 on BSE. A combined around 50,000 shares change hands on the counter so far on BSE and NSE.
Management had earlier guided that once the approval is received, the facility would cater to the US generic market and potentially post sales of US$100mn in the next 2-3 years.
“Management expects the revenue from Indore SEZ to start from 4QFY2014. For FY2014 and FY2015, we have build in revenues of Rs 51crore and Rs 200 crore revenues from this facility, and hence upgrade our sales forecast by 1.5% and 6.7% respectively,” says analyst at Angel Broking in a note.
