Alembic Pharmaceuticals rose 2.46% to Rs 565.60 after the company announced successful completion of US drug regulator's inspection at Aleor Dermaceuticals.
Aleor Dermaceuticals (Aleor), a 60:40 joint venture between Alembic Pharmaceuticals (Alembic) and Orbicular Pharmaceutical Technologies (Orbicular), has completed United States Food and Drug Administration (USFDA) inspection at its formulation manufacturing facility located at Karakhadi, Gujarat without any observations. The inspection was carried out from 6 to 8 January 2020, Alembic Pharma said in a statement after market hours yesterday.The Alembic Pharma stock trades above its 100 days simple moving average placed at 538.42 which will act as a crucial support in near term.
Alembic Pharmaceuticals is a vertically integrated research and development pharmaceutical company. Alembic has a cumulative total of 110 Abbreviated New Drug Application (ANDA) approvals (97 final approvals and 13 tentative approvals) from USFDA.
On a consolidated basis, the drug maker's net profit rose 23.1% to Rs 246.27 crore on a 10.1% rise in the net sales to Rs 1240.87 crore in Q2 September 2019 over Q2 September 2018.
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