The company's Goa plants II and III were cleared by the US drug regulator, informed Indoco on Thursday. Reacting to the development, the stock of Indoco Remedies was struck in the upper circuit during the afternoon trading session.

USFDA inspected the company's plant in the past week, starting from November 14. These plants are the sterile facility - Plant II and solid dosages facility - Plant III located in Verna Industrial Estate, Goa. The FDA issued two minor observations following the inspection. In March 2017, the drug regulator had issued a warning letter to Indoco Remedies. The company will receive an EIR after it responds to the observations raised by the regulator.

Indoco Remedies Limited is an integrated, R&D focused pharmaceutical company with a presence in 55 countries. The company has nine manufacturing units. This clearance will benefit the company in gaining approval of the pending ANDAs filed with the USFDA and thus help the company increases its revenues from the US market.

On Thursday, the stock of Indoco Remedies opened at Rs. 172.05 per share and hit a high of Rs. 206.40 per share, which is its intraday upper circuit limit. The stocks 52-week high is Rs. 317.00, reached on January 24, 2018, while its 52-week low is Rs. 150.25, hit on October 8, 2018.