Neuland Laboratories Ltd extended its gains and rose almost 6 percent after the company told the exchanges that the US Food and Drug Administration (FDA) completed an inspection in Hyderabad without any observations.
"The inspection at Unit 1 by the US FDA has been successfully completed, with no observations under Form 483," the company said of its Bonthapally facility. The FDA inspected the facility from March 18-22.
Also Read | Neuland Lab Standalone December 2023 Net Sales at Rs 392.83 crore, up 45.9% Y-o-Y
Neuland Laboratories has gained over 285 percent in the past year and 75 percent in the last six months. The stock has fallen 10.8 percent in March , so far, compared to the gains of 21 percent and 12 percent in February and January.
Founded in 1984, Neuland Laboratories manufactures active pharmaceutical ingredients (APIs) and provides end-to-end chemistry-related solutions for the pharmaceutical industry.
In the quarter ended December, Neuland Laboratories' consolidated net profit came in at Rs 81.39 crore, up from Rs 30.54 crore in the year-ago period and revenue rose Rs 392.82 crore from Rs 269.25 crore.
At 2.43 pm, the stock was trading at Rs 6,388 on NSE, up 5.73 percent from the previous close.
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