Indoco up 6% on acquisition of Micro Labs' manufacturing plant

Moneycontrol Bureau

Shares of Indoco Remedies climbed 6 percent intraday Wednesday after the company acquired manufacturing facility of Micro Labs in Himachal Pradesh.

The facility, which has capacity to produce 4.3 billion tablets and 50 million capsules per annum, is close to company's existing manufacturing plant in Baddi, Himachal Pradesh.

With this acquisition, Indoco will now have 6 facilities for finished dosages and 3 for active pharmaceutical ingredients (APIs)," the healthcare company said in its filing.

Out of these, 3 facilities for finished dosages, including sterile plant and 2 facilities for API manufacturing are USFDA approved.

At 11:50 hours IST, the scrip of Indoco Remedies was quoting at Rs 348.00, up Rs 18.55, or 5.63 percent on the BSE.Posted by Sunil Shankar Matkar