Cadila: Stock jumps post USFDA

Cadila Healthcare announced that the United States Food and Drug Administration (USFDA) cleared its Gujarat facility. Post this development, a jump of 2 per cent was seen in their share price.

According to the report, the USFDA issued no observation (483) at the completion of the inspection that concluded on December 20. The inspection was going on since December 16 at the company’s topical manufacturing facility in Ahmedabad. Issuance of no observation means that the company has successfully cleared the inspection on all aspects.

Headquartered at Ahmedabad (Gujarat), Cadila Healthcare Ltd is one of the leading pharmaceutical companies in India. It is a major manufacturer of generic drugs.

At market closing, Cadila Healthcare was quoting at Rs 265.90, up by 1.66 per cent or Rs 4.35 per share on BSE. The stock hit an intraday high of Rs 268.15 and intraday low of Rs 258.9.  Its 52-week high is Rs 359.50 and 52-week low is Rs 206.45. The stock continues to trade above its 50 days and 200 days simple moving average placed at 248.44 and 262.48. These levels will act as crucial support in near term.