Alembic continues rally as Panelav unit receives EIR

The share price of pharma major Alembic Pharmaceuticals continued to surge in Friday’s trading session. The share price grew by 7 per cent on Friday as the company bagged EIR for its formulation facility at Panelav, Gujarat from the US Food and Drugs Association. The company’s share price had surged by over 8 per cent in Thursday’s trade session as the company had received the USFDA approval for Doxycyline Hyclate. 

The inspection in the company’s formulation facility at Panelav was carried out in March 2018. Recently, the company’s API facility located at Panelav also received zero observations from the USFDA. 

In Friday’s trade, the stock hit an intraday high of Rs. 540 per share and an intraday low of Rs. 505.90 per share on BSE. It also witnessed a spurt in volume by over 1.69 times as against its average volume. The stock had touched its 52-week high of Rs. 588 per share on February 15, 2018 and its 52-week low of Rs. 412.40 per share on May 24, 2017 on BSE, respectively. 

At 12:13 hours IST, the stock was trading at Rs. 522.85 per share, up by 3.34 per cent on BSE on Friday. Meanwhile, the Indian benchmark indices S&P BSE Sensex was trading at 35,584.53 level, down by 0.04 per cent and NSE Nifty50 was trading at 10,807.15 level, down by 0.01 per cent.