Granules India gains 10% after US FDA gives no observations to Gagillapur unit

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

Granules India gained nearly 10 percent intraday on Wednesday as investors cheered positive news flow for the company.

The company on Wednesday said that no observations were made by the US Food and Drug Administration (FDA) for its Gagillapur unit. The company received the Establishment Inspection Report (EIR) for an inspection that was carried in October 2016.

The company recently was in the news after it reported a 5.5 percent fall in its June quarter profit. The drug firm reported a 5.54 percent decline in its consolidated net profit at Rs 36.80 crore for the quarter to June.

The company had posted net profit of Rs 38.96 crore in the year-ago quarter, Granules India said in a filing to the BSE.

Consolidated total income, however, rose to Rs 386.33 crore in April-June, from Rs 352.83 crore in the same period a year ago, it added. The board has approved interim dividend of 25 paise per share with face value of Re 1 each, Granules India said. The stock today closed at Rs 116.45 on the BSE, up 6.49 percent from its previous close.

At 13:51 hrs Granules India was quoting at Rs 125.60, up Rs 9.15, or 7.86 percent on the BSE. It touched an intraday high of Rs 128.05 and an intraday low of Rs 118.45.