Wockhardt rose 2.74% to Rs 442.85 at 11:06 IST on BSE after a media report suggested that the US drug regulator is likely to visit the company's factory at Shendra in Maharashtra for an inspection this month.
Meanwhile, the BSE Sensex was down 82.87 points, or 0.40%, to 20,704.43.
On BSE, so far 3.09 lakh shares were traded in the counter, compared with an average volume of 4.09 lakh shares in the past one quarter.
The stock hit a high of Rs 455 and a low of Rs 438 so far during the day. The stock hit a record high of Rs 2,166.05 on 12 March 2013. The stock hit a 52-week low of Rs 336.60 on 16 December 2013.
The stock had outperformed the market over the past one month till 6 January 2014, rising 7.59% compared with the Sensex's 1% fall. The scrip had, however, underperformed the market in past one quarter, falling 3.77% as against Sensex's 4.38% rise.
The mid-cap company has an equity capital of Rs 54.88 crore. Face value per share is Rs 5.
According to the reports, the US Food and Drugs Administration (US FDA) is likely to visit Wockhardt's factory in Shendra (Aurangabad district of Maharashtra) for an inspection this month.
If the company manages to get a go-ahead from the regulator for this plant, it might result in resumption of supplies of several of their products, barred from the US last year, report said.
The Shendra factory was also inspected by the Medicines and Healthcare Products Regulatory Agency (MHRA) of Britain and the Irish regulator, a few months earlier, getting approval. Now, the observers expect a US clearance, too, the report added.
Wockhardt has been facing trouble in developed markets since early 2013, when its Waluj (Maharashtra) facility first came under the US FDA scanner, following manufacturing violations. Since then, many other of its domestic facilities have faced enforcements in the US and Europe. Apart from Waluj and Chikalthana, barred from supplying to the US, its factory in Daman came under the scanner of MHRA.
Last September, the Wockhardt management had reportedly indicated it might shift US-bound products from the troubled Waluj unit to its plant at Shendra.
On a consolidated basis, Wockhardt's net profit fell 69.5% to Rs 138.50 crore on 11.2% decline in net sales to Rs 1196.97 crore in Q2 September 2013 over Q2 September 2012.
Wockhardt is a high-technology intensive global pharmaceutical and biotechnology company with multi-disciplinary and innovative R&D programmes. It has three research centres globally and manufacturing facilities across India, USA, UK and Ireland. The company has a significant presence in USA, Europe and India.
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