Vivimed Labs shares surge on receiving favourable outcome for its Spain API manufacturing facility

By: | Updated: September 21, 2015 4:14 PM

Vivimed Labs shares surged as much as 8 per cent on Monday after the company announced that its API manufacturing facility located in Spain had a favourable outcome post its US Food and Drug Administration (USFDA) inspection.

Sensex NiftyVivimed Labs shares surged as much as 8 per cent on Monday after the company announced that its API manufacturing facility located in Spain had a favourable outcome post its USFDA inspection. (Photo: Reuters)

Vivimed Labs shares surged as much as 8 per cent on Monday after the company announced that its API manufacturing facility located in Spain had a favourable outcome post its US Food and Drug Administration (USFDA) inspection. The audit was conducted during the second week of September and concluded on 18th of this month.

At 12.31 pm, shares of Vivimed Labs were trading 2.46 per cent higher at Rs 296 apiece. It opened at Rs 286 and had touched a high and low of Rs 312 and Rs 283.30, respectively, in trade so far. Sensex was down 112.40 points at 26,106.51.

The share price of Vivimed Labs settled 1.42 per cent up at Rs 293 on Monday.

In a BSE filing, the company said, “On completion of the inspection the USFDA inspectors concluded that the facility, its systems and practices comply with USFDA requirements with no observations reported on the form 483.”

For the quarter ended June 2015, the company posted a consolidated net profit of Rs 24.17 crore, up 41.11 crore in the corresponding quarter a year ago.

Last one week high and low of the scrip stood at Rs 315.20 and Rs 280.00, respectively. The current market cap of the company is Rs 484.82 crore.

The promoters holding in the company stood at 36.99 per cent while institutions and non-institutions held 27.69 per cent and 35.32 per cent, respectively.

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