Ipca Laboratories surged 8.27% to Rs 700.10 at 12:26 IST on BSE after the company said that the USFDA following an inspection, has found acceptable the company's oral solid dosage formulations manufacturing facility in Madhya Pradesh.
The announcement was made during trading hours today, 4 September 2013.
Meanwhile, the S&P BSE Sensex was up 334.94 points or 1.84% at 18,569.60.
On BSE, 59,000 shares were traded in the counter as against average daily volume of 29,783 shares in the past one quarter.
The stock surged as much as 9% at the day's high of Rs 704.80 so far during the day. The stock lost 0.4% at the day's low of Rs 644 so far during the day. The stock had hit a record high of Rs 708 on 11 July 2013. The stock had hit a 52-week low of Rs 401.10 on 8 November 2012.
The stock had outperformed the market over the past one month till 3 September 2013, sliding 4.01% compared with the Sensex's 4.85% fall. The scrip had also outperformed the market in past one quarter, surging 6.68% as against Sensex's 7.02% fall.
The mid-cap company has equity capital of Rs 25.24 crore. Face value per share is Rs 2.
Ipca Laboratories said that the United States Food and Drug Administration (USFDA), following an inspection, has found acceptable the company's oral solid dosage formulations manufacturing facility situated at Pharmazone, SEZ Indore, Pithampur, Madhya Pradesh. This will enable the company to commercialize oral solid dosage formulations in the US market from this formulations manufacturing facility.
It may be recalled that Ipca Laboratories had on 8 November 2012, said that during the course of the internal quality assurance review, the company had noticed a few non-conformances at its Indore manufacturing unit. The company had voluntarily referred these to the USFDA for an appropriate resolution, Ipca Laboratories said at that time.
Ipca Laboratories' net profit surged 67% to Rs 71.77 crore on 25.7% growth in net sales to Rs 792.53 crore in Q1 June 2013 over Q1 June 2012.
Ipca Laboratories is a fast growing pharmaceutical major, with a strong thrust on exports. The company exports to over 120 countries. Ipca Laboratories is vertically integrated and produces finished dosage forms and APIs.
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