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Share prices of Indoco Remedies gained 15.8 percent intraday Wednesday as it has received USFDA nod for its manufacturing facility.

"The company has received the establishment inspection report (EIR) from US Food and Drug Administration (USFDA) for its sterile and solid dosages facility (Goa Plant II) situated at L-32/33/34 Verna Industrial Estate, Goa," as per BSE release.

This approval confirms the closure of inspection conducted in July 2015.

The company's board meeting is scheduled to be held on May 27, 2016, to take on record the unaudited financial results of the Company for the last quarter ended March 31, 2016 and recommendation of final dividend , if any, for the financial year 2015-2016.

At 14:42 hrs Indoco Remedies was quoting at Rs 295, up Rs 31.85, or 12.10 percent on the BSE.

Posted by Rakesh Patil