Stocks

Indoco Remedies’ shares soar 19%

PTI Mumbai | Updated on January 20, 2018 Published on March 22, 2016

Shares of Indoco Remedies today surged 19 per cent as the company has received an approval from the US Food and Drug Administration (USFDA) for its solid dosages manufacturing facility at Goa.

The scrip soared 17.44 per cent to Rs 314 on the BSE. On the NSE, shares of the company jumped 19 per cent to Rs 314.40.

“We have received the Establishment Inspection Report (approval) from the USFDA for the solid dosages manufacturing facility at Goa (Plant I), thereby confirming the closure of inspection in October, 2015,” the firm had said in a statement yesterday.

“The approval by USFDA for the solid dosages facility re-confirms Indoco’s quality commitment to patient care,” the company’s Managing Director, Aditi Kare Panandikar, said.

The plant has a capacity to manufacture 2.2 billion tablets, 32 million bottles of liquid orals, 16 million tubes of creams and ointments and 60 million capsules of hard gelatin, it said.

Published on March 22, 2016
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