The stock has been moving in the range of Rs 700-835 for a year. Once the stock breached the lower level of range at Rs 700, it gave a sharp correction of 260 points in the span of five-month to make five year low of Rs 435.
"Pledge creation - on shortfall of security for the existing loans due to fall in share price," the company reasoned in its BSE filing.
The company, however, did not provide any details about the observations made by the US regulator.
Aurobindo Pharma USA Inc is recalling 2,352/1,000 count bottles of Simvastatin tablets USP 40 mg manufactured by Aurolife Pharma LLC.
Sharekhan recommended Hold rating on Aurobindo Pharma with a target price of Rs 710 in its research report dated August 08, 2019.
ICICI Direct is bullish on Aurobindo Pharma has recommended buy rating on the stock with a target price of Rs 735 in its research report dated August 08, 2019.
The antiretroviral drug sales doubled to Rs 318.5 crore over the year-ago period.
Revenues rose 28.1 percent YoY to Rs. 5,444.6 crore.
Net Sales are expected to increase by 16.3 percent Y-o-Y (down 6.5 percent Q-o-Q) to Rs. 4,863 crore, according to Prabhudas Lilladher.
The drug is used for the treatment of secondary hyperparathyroidism (HPT) in adult patients with chronic kidney disease (CKO) on dialysis
The FDA recently issued a letter warning the drug- makers unit X1 in Srikakulam district of Andhra Pradesh for deviations from CGMP for API.
Sharekhan recommended Hold rating on Aurobindo Pharma with a target price of Rs 710 in its research report dated June 28, 2019.
The top gainers from the NSE include UPL, Hindalco Industries, Tech Mahindra, Coal India and UltraTech Cement while the top losers are YES Bank, Sun Pharma, Tata Motors, Maruti Suzuki and Indian Oil Corporation.
Aurobindo believes the existing business from this facility will not be impacted.
The acquisition will add approximately 300 products, including projects under development, as well as commercial and manufacturing capabilities in the USA.
While having a buy call on the stock with a target price at Rs 930 (implying 46 percent potential upside), Phillip Capital said management believes Bachupally observations do not raise data integrity concerns and are for process upgradation.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 56 points or 0.47 percent. Nifty futures were trading around 11,953-level on the Singaporean Exchange.
Much of the success of Aurobindo in US market in recent years was due to much cleaner compliance track record compared to the peers in the industry.
The drug firm in a regulatory filing however said it is yet to receive a copy of the proceeding and denied what it said were 'baseless allegations' against the company.
HDFC Securities is bullish on Aurobindo Pharma has recommended buy rating on the stock with a target price of Rs 800 in its research report dated May 29, 2019.
None of the observations are repetitive and are more procedural in nature, Aurobindo Pharma said.
USFDA observed that responsibilities and procedures applicable to quality control unit are not in writing and fully followed