Indoco Remedies rises over 15%

Indoco Remedies today surged over 15% to hit an intra day high at Rs.238. It has come off the high now but remains over 8% up at Rs.238 levels. Volumes are up almost 10 times.

The stock continues to react to its news of 22nd Nov where it announced that the US FDA has cleared inspection of the company’s Goa plant II & III with two minor observations.

The FDA inspected Indoco’s Sterile facility (Plant II) and Solid Dosages facility (Plant III) situated at Goa from 14th November till 21st November, 2018.

The inspection concluded with Indoco receiving 2 minor observations, none of which are repeat in nature.

This facility had received a Warning Letter from the USFDA in March 2017.

The company is in the process of responding to the observations within the stipulated time of 15 days.

The EIR will be issued by the USFDA subsequently.

This positive development will now pave the way for approval of its pending ANDAs with consequent boost to revenues from the US market.