Laurus Labs rises after USFDA concludes inspection

Laurus Labs rose 1.31% at Rs 336.50 after the company said US drug regulator has made three observations after completing inspection of its Visakhapatnam facility in Andhra Pradesh.

Nov 22, 2019 04:11 IST capital market

Laurus Labs announced that it has completed the US Food and Drug Administrations pre-approval inspection (PAI) for an Active Pharmaceutical Ingredient (API) manufactured at units 1 & 3 at Visakhapatnam in Andhra Pradesh.

The inspection was completed with three observations, which are procedural in nature. No data integrity issues were observed in the inspection, it added. The inspection was carried out from 18 to 21 November 2019. The announcement was made post trading hours yesterday, 21 November 2019.

The stock also witnessed bargain buying. It fell 2.69% in two sessions to end at Rs 332.15 in yesterdays session from a recent closing high of Rs 332.15 on 19 November 2019.

The pharma company reported 248.9% rise in consolidated net profit to Rs 56.55 crore on 21.1% rise in net sales to Rs 712.42 crore in Q2 September 2019 over Q2 September 2018.

Laurus Labs is a research driven pharmaceutical manufacturing company. The firm manufacturers active pharmaceutical ingredients (API) for anti-retroviral (ARV), oncology, cardiovascular, anti-diabetics, anti-asthma and gastroenterology.

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