Ipca Labs gains 6% on USFDA exemption for two APIs
Ipca Labs' two active pharmaceutical ingredients (API) exempted from import alerts by US Food and Drug Administration are Furosemide & Chloroquine Phosphate (CQP).
October 30, 2018 / 02:23 PM IST
Divis Laboratories Ltd. | The company’s profit margin in September 2020 quarter stood at 29.95 percent as against 25.13 percent in September 2019. In FY21 so far, the stock price has risen 69 percent to Rs 3366.05 on November 12, 2020, from Rs 1987.55 on March 31, 2020.
Ipca Laboratories shares rallied 6 percent intraday Tuesday after a media report suggested that the company received exemption for two APIs from the US health regulator.
CNBC-TV18 reports quoting US FDA website that two active pharmaceutical ingredients (API) exempted from import alerts by US Food and Drug Administration are Furosemide & Chloroquine Phosphate (CQP).
Furosemide is used to treat fluid build-up due to heart failure, liver scarring, or kidney disease while CQP is anti-malarial drug.
Furosemide is worth $120 million product and CQP is about $40 million, CNBC-TV18 said.
Ipca's three manufacturing plants, which are US-focussed, have been under the import alert since 2015.
The USFDA had issued import alert for Ratlam API plant in January 2015 and for Silvassa & Pithampur plants in March 2015.
At 14:09 hours IST, the stock was quoting at Rs 662.40, up Rs 17.35, or 2.69 percent on the BSE.