Indoco Remedies shares soared over 17 per cent intraday on Tuesday after the company informed stock exchanges on Monday after market hours it has received an approval from the US Food and Drug Administration (USFDA) for its solid dosages manufacturing facility at Goa.
The share price of Indoco Remedies closed 11 per cent up at Rs 296.75.
“We have received the Establishment Inspection Report (approval) from the USFDA for the solid dosages manufacturing facility at Goa (Plant I), thereby confirming the closure of inspection in October, 2015,” the city-based firm said in a statement.
“The approval by USFDA for the solid dosages facility re-confirms Indoco’s quality commitment to patient care”, company’s managing director Aditi Kare-Panandikar said.
The plant has a capacity to manufacture 2.2 billion tablets, 32 million bottles of liquid orals, 16 million tubes of creams and ointments and 60 million capsules of hard gelatin, it said.
Apart from the USFDA’s approval, the plant is also approved by UK-MHRA, MCC-South Africa, TGA-Australia and ANVISA-Brazil, it said.
In the past one year, Indoco Remedies slipped 20.83 per cent to Rs 267.35 till March 21, whereas the BSE Sensex plunged 10.31 per cent during the same period.
(With inputs from PTI)