Shilpa Medicare rose 9.52% to Rs 420 at 10:41 IST on BSE after the US drug regulator closed its inspection of the company's manufacturing plants at Raichur.
The announcement was made during trading hours today, 11 July 2018.Meanwhile, the S&P BSE Sensex was up 57.59 points, or 0.16% to 36,297.21.
On the BSE, 45,000 shares were traded in the counter so far compared with average daily volumes of 1492 shares in the past two weeks. The stock had hit a high of Rs 433.90 and a low of Rs 392.10 so far during the day. The stock hit a 52-week high of Rs 708.80 on 11 July 2017. The stock hit a 52-week low of Rs 374.10 on 5 June 2018.
Shilpa Medicare said it received EIR (establishment inspection report) from US Food and Drug Administration (USFDA) for both API manufacturing facilities located at Raichur in Karnataka. This inspection was carried out between 16 and 19 January 2018. The inspection has now been closed by USFDA.
On a consolidated basis, net profit of Shilpa Medicare declined 19.89% to Rs 30.90 crore on 5.81% rise in net sales to Rs 234.46 crore in Q4 March 2018 over Q4 March 2017.
Shilpa Medicare is engaged in the business of manufacturing of bulk drugs or active pharmaceutical ingredient (API) and intermediates.
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