Wockhardt surged 10.11% to Rs 518 at 10:38 IST on BSE after the UK health regulator allowed its Kadaiya, Nani Daman facility to manufacture and supply most of the products approved to be produced at the unit.
The announcement was made after market hours on Wednesday, 6 November 2013.
Meanwhile, the S&P BSE Sensex was up 20.94 points or 0.1% at 20,915.88
On BSE, 5.67 lakh shares were traded in the counter as against average daily volume of 2.35 lakh shares in the past one quarter.
The stock hit a high of Rs 524 and low of Rs 481.90 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 344.15 on 8 August 2013.
The stock outperformed the market over the past one month till 6 November 2013, rising 5.02% compared with the Sensex's 4.92% jump. The scrip also outperformed the market in the past one quarter, gaining 23.38% as against Sensex's 11.54% rise.
The mid-cap drug maker has an equity capital of Rs 54.88 crore. Face value per share is Rs 5.
Wockhardt said that UK's Medicine and Healthcare Products Regulatory Agency (UKMHRA) has allowed the company to manufacture and supply most of the products manufactured at the company's facility at Kadaiya in Nani Daman and assessed to be critical to public health. As a result the net impact on the annualised consolidated revenue is expected to be less than 1 million pounds, out of the total annual consolidated revenue of approximately 18 million pounds from the said facility, Wockhardt added.
Last month, UKMHRA had imposed restrictions on import of medicines made at Wockhardt's Kadaiya unit for violation of norms.
On a consolidated basis, Wockhardt's net profit fell 69.5% to Rs 138.50 crore on 11.2% fall 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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