Wockhardt hits the roof

Wockhardt, which had been beaten down to pulp over the past few days has bounced back sharply today. The stock which had hit a new 52-week low last week at Rs.344.15 is today locked in the 5% upper circuit at Rs.419.30.

The stock hit the roof on news that its Waluj factory which invited the ire of the US FDA  might actually get a nod of approval from the FDA soon. As per reports, the FDA had conducted inspections at its other two units and none of them received any observations or warning letters. Thus hope has sprung that the company will now be able to shift its products from Waluj to these two units and restart production and resume exports of these products to US. This is yet unconfirmed news but hope is high that the matter is nearing the logical end.