Moneycontrol Bureau
Investors are lapping up shares of Jubilant Life Sciences after the company announced successful resolution to USFDA warning letter for Canada's Montreal facility. The stock gained as much as 8 percent intraday on Friday.
"Jubilant Life Sciences has received a communication from the US Food and Drug Administration (FDA), classifying its pharmaceutical manufacturing facility at Montreal, Canada as acceptable," the company said in its filing.
This resolves all issues raised by the FDA on the facility in February 2013 and subsequent communications, it added.
Jubilant further said, "The development follows completion of FDA’s review of the Company’s responses post the February letter and the subsequent re-inspection conducted at Jubilant’s Montreal facility in September, 2013. This development successfully resolves the FDA issues at our Montreal facility."
Meanwhile, the healthcare company's Q3FY14 consolidated net profit grew 5 times to Rs 143.4 crore and net sales rose 10 percent to Rs 1,427.6 crore compared to a year ago period.
At 11:22 hours IST, the stock was up 6.13 percent at Rs 123.70 amid large volumes on the BSE.
Posted by Sunil Shankar Matkar
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