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Indoco Remedies shares were locked in 20 percent upper circuit at Rs 206.40 on Thursday after company's Goa Plant II & III cleared the US health regulator's inspection.
There were pending buy orders of 84,281 shares, with no sellers available, at 13:10 hours IST.
The US Food and Drug Administration (USFDA) inspected Indoco's sterile facility (Plant II) and solid dosages facility (Plant III) situated in Goa from November 14-21, 2018.
"The inspection concluded with Indoco receiving 2 minor observations, none of which are repeat in nature," the pharma company said in its filing.
This facility had received a warning letter from the USFDA in March 2017.
The company said it is in the process of responding to the observations within the stipulated time of 15 days. "The Establishment Inspection Report will be issued by the USFDA subsequently."
Aditi Kare Panandikar, Managing Director of Indoco Remedies said, "This positive development will now pave the way for approval of our pending ANDAs with consequent boost to revenues from the US market."
Indoco Remedies, headquartered in Mumbai, has 9 manufacturing facilities, 6 of which are for finished dosage forms (FDFs) and 3 for active pharmaceutical ingredients (APIs).
First Published on Nov 22, 2018 01:18 pm
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