As a major relief, the US Food and Drug Administration (USFDA), has cleared the sterile manufacturing facility of Indoco Remedies Limited, for Finished Dosages, located at Verna Industrial Area, Goa (Plant II). This is an outcome of the recent inspection conducted by the US drug regulator in Nov 2018.

The change in the Inspection Classification status from 'Official Action Initiated' (OAI) to 'Voluntary Action Initiated' for Indoco Remedies Limited, by USFDA, signifies that the site has come out of the 'Warning Letter' issued to the site in March 2017.

Several pending ANDAs from this facility, will now be approved.

Shares of INDOCO REMEDIES LTD. was last trading in BSE at Rs.187 as compared to the previous close of Rs. 184. The total number of shares traded during the day was 23660 in over 131 trades.

The stock hit an intraday high of Rs. 188 and intraday low of 182.3. The net turnover during the day was Rs. 4379695.

Source: Equity Bulls