Lupin Rallies 10%, Torrent Pharma Close To Its 52-Week High

Indian indices are trading weak for the second consecutive day on December 14, 2021 with Nifty below 17,300. In fact broader markets underperformed headline indices with Nifty Midcap 100 down by 0.99%. Among the Nifty sectoral indices, all indices but pharma and metal indices traded in the red. Last, Nifty Pharma at around 11:34 am traded higher by 0.8 percent.

Of the 20 stock index, the majority of them traded in the green with most gains seen on Lupin stock to the tune of 6.7%. On an intra-day basis the stock gained 10 percent to day's high price of Rs. 972.4 per share as against the previous close of Rs. 884.

The sharp gains in the stock of Lupin are following its announcement that the company has received the EIR or Establishment Inspection Report from the USFDA in respect to its Goa manufacturing unit post its inspection in September this year.

"Global pharma major Lupin Limited (Lupin) today announced that it has received the Establishment Inspection Report (EIR) from United States Food and Drug Administration (US FDA) for its Goa manufacturing facility, after the inspection of the facility in September 2021. The US FDA has determined that the inspection classification of the facility is Voluntary Action Indicated (VAI)", said the company's press release.

"We are very happy to have received the EIR from US FDA with Voluntary Action Indicated classification for our Goa plant. This is a significant milestone as we build back our reputation of being best-in-class in Quality and Compliance. We are committed to manufacture and supply products of the highest quality from all our manufacturing sites." said Vinita Gupta, CEO, Lupin.

On a YTD basis, the stock has tanked over 4%, while in the 1-week's time it has spurted by 8 percent.

Meanwhile another stock from the pack, Torrent Pharma trades close to its 52-week high price of Rs. 3250, with its day low/ high being Rs. 3061/3166, i.e. just over 2% away from its 52-week high.

GoodReturns.in