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Wockhardt shares rally over 10% on reports of USFDA clearing Chikalthana plant

Wockhardt shares advanced nearly 11 per cent intraday on Friday after CNBC TV18 reported that the United States Food & Drug Administration (USFDA) has cleared the Chikalthana plant of the pharmaceutical and biotechnology company.

By: | New Delhi | Updated: September 16, 2016 4:37 PM
USFDA, wockhardt, chikalthana plant Wockhardt shares advanced nearly 11 per cent intraday on Friday after CNBC TV18 reported that the United States Food & Drug Administration (USFDA) has cleared the Chikalthana plant of the pharmaceutical and biotechnology company.(Reuters)

Wockhardt shares advanced nearly 11 per cent intraday on Friday after CNBC TV18 reported that the United States Food & Drug Administration (USFDA) has cleared the Chikalthana plant of the pharmaceutical and biotechnology company. The plant contributes nearly 75 per cent to the total income of Wockhardt. At 1.30 pm, shares of the company were trading 10.46 per cent up at Rs 927.30. The scrip opened the day at Rs 846.50 and has touched a high and low of Rs 932.45 and Rs 844, respectively, in trade so far. “USFDA may make formal announcement on Chikalthana in few days,” the report said. Later, the scrip ended 8.28 per cent up at Rs 909.

In July, Wockhardt said the US health regulator has made “observations” in its Establishment Inspection Report (EIR) for the company’s three units in Maharashtra including Chikalthana plant.

On a year-to-date basis, shares of Wockhardt have fallen nearly 48 per cent to Rs 839.50 till September 15, whereas BSE Sensex gained 8.61 per cent during the same period.

For the quarter ended June 30, 2016, the company reported a consolidated net profit of Rs 15.89 crore, down 82.65 per cent, against Rs 91.61 crore in the same quarter last year. Consolidated net sales of the company fell by 6.57 per cent year-on-year to Rs 1064.01 crore for the quarter under review against Rs 1138.87 crore in the same quarter last year. Operating profit of Wockhardt dipped by 50.64 per cent year-on-year to Rs 92.24 crore for the quarter ended June 30, 2016 against Rs 186.87 crore in the same quarter last fiscal.

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