Alkem Laboratories rose 1.34% to Rs 1,610.95 at 10:11 IST on BSE after the company announced that inspection by the US drug regulator concluded successfully at the company's bioequivalence facility in Maharashtra.
The announcement was made after market hours yesterday, 20 August 2016.Meanwhile, the BSE Sensex was up 281.61 points, or 1.01%, to 28,141.21.
On BSE, so far 4,187 shares were traded in the counter, compared with average daily volume of 8,811 shares in the past one quarter. The stock hit a high of Rs 1,624.95 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 1,600 so far during the day. The stock hit a 52-week low of Rs 1,175 on 2 May 2016. The stock had outperformed the market over the past 30 days till 11 August 2016, rising 12.43% compared with 0.16% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising rising 34% as against Sensex's 9.30% rise.
The large-cap company has equity capital of Rs 23.91 crore. Face value per share is Rs 2.
Alkem Laboratories announced that the US Food and Drug Administration (USFDA) inspected its bioequivalence facility at Taloja in Maharashtra from 1 August to 10 August 2016. At the end of the inspection, there were no 483s issued by the USFDA.
An FDA Form 483 is issued to firm management at the conclusion of an inspection when an investigator has observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.
On a consolidated basis, net profit of Alkem Laboratories declined 56.87% to Rs 56.72 crore on 24.36% rise in net sales to Rs 1110.97 crore in Q4 March 2016 over Q4 March 2015. The company will announce Q1 results today, 12 August 2016.
Alkem Laboratories is a pharmaceutical company with global operations, engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products.
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