Indoco Remedies rose 2.88% to Rs 268.05 at 10:15 IST on BSE after the company said its manufacturing facility in Goa received European GMP certification.
The announcement was made after market hours yesterday, 15 February 2018.Meanwhile, the S&P BSE Sensex was up 79.97 points, or 0.23% to 34,377.44.
On the BSE, 7,287 shares were traded in the counter so far compared with average daily volumes of 1.08 lakh shares in the past one quarter. The stock had hit a high of Rs 277.25 and a low of Rs 267.90 so far during the day. The stock hit a 52-week high of Rs 317 on 24 January 2018. The stock hit a 52-week low of Rs 179 on 31 May 2017.
The stock had underperformed the market over the past 30 days till 15 February 2018, falling 6.11% compared with 2.24% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 2.58% as against Sensex's 2.86% rise. The scrip had also underperformed the market in past one year, falling 0.19% as against Sensex's 21.19% rise.
The small-cap company has equity capital of Rs 18.43 crore. Face value per share is Rs 2.
Indoco Remedies said it has been granted an European good manufacturing practices (GMP) certification dated 12 February 2018 from Regulatory Authority of Hungary for its manufacturing facility for Non Sterile products (Goa - Plant lll), located at L-32, 33, 34 Verna Industrial Estate, Goa. The EU GMP certification will enable Indoco to continue to export medicinal products to all European countries. The granted GMP certification will also continue to support exports of drug products to Canada, Australia, New Zealand & rest of the emerging territories as well.
Indoco Remedies' net profit rose 28.82% to Rs 22.66 crore on 0.7% rise in net sales to Rs 274.19 crore in Q3 December 2017 over Q3 December 2016.
Indoco Remedies is a fully integrated, research-oriented pharma company engaged in the manufacturing and marketing of formulations (finished dosage forms) and Active Pharmaceutical Ingredients (APIs).
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