Indoco Remedies rises on getting EIR from USFDA for manufacturing facility in Goa

The U.S. Food and Drug Administration gives EIR on closure of inspection of an establishment.

PTI

Posted in Stock Market| #Stock Market #Pharma Sector #Indoco Remedies Ltd

Indoco Remedies is currently trading at Rs. 327.00, up by 5.55 points or 1.73% from its previous closing of Rs. 321.45 on the BSE.

The scrip opened at Rs. 329.00 and has touched a high and low of Rs. 331.75 and Rs. 321.30 respectively. So far 18666 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 423.10 on 02-Jan-2023 and a 52 week low of Rs. 307.00 on 26-Apr-2023.

Last one week high and low of the scrip stood at Rs. 331.75 and Rs. 310.95 respectively. The current market cap of the company is Rs. 3007.79 crore.

The promoters holding in the company stood at 58.69%, while Institutions and Non-Institutions held 19.60% and 21.70% respectively.

Indoco Remedies has received Establishment Inspection Report (EIR) with Voluntary Action Indicated (VAI) status from the US Food and Drug Administration (USFDA) for their facility for solid dosages (Plant I) located in Verna, Goa. The recent inspection held from January 16, 2023, to January 20, 2023, was a surveillance inspection.

The receipt of the EIR with VAI status also signifies the imminent closeout of the Warning Letter issued by the USFDA in July 2019 for the manufacturing site, situated at L-14, Verna Industrial Road, Goa (Plant I). Indoco expects this change in compliance status to pave the way for approvals of ANDAs submitted from this site.

Indoco Remedies is engaged in the manufacturing and marketing of formulations (finished dosage forms) and active pharmaceutical ingredients (APIs) in India.