Ind-Swift Lab locks 5 per cent lower circuit post USFDA inspection

The share price of Ind-Swift Laboratories was locked at five per cent lower circuit on Monday after the company announced the successful completion of its API manufacturing facility at Dera Bassi (Punjab).

In a BSE filing, the leading manufacturer and exporter of Active Pharmaceutical Ingredients (API), Ind-Swift Laboratories Ltd informed on Friday after market hours, that United States Food & Drug Administration (USFDA) had conducted an inspection from March 9 to 13, 2020 and at its completion, US federal agency cleared it without issuing any 483 observation.

Dera Bassi manufacturing facility of Ind-Swift Labs, having around 22 independent blocks, is one of the largest manufacturing facilities of North India. The facility has an annual manufacturing capacity of 695 tonnes per annum. Apart from USFDA, the facility has approvals from many other regulatory authorities such as Therapeutic Goods Administration (TGA), Pharmaceuticals and Medical Devices Age (PMDA), Federal Commission for Protection against Sanitary Risk (COFEPRIS), European Directorate for the Quality of Medicines & HealthCare (EDQM) as well as from Brazilian and Korean regulatory authorities.

At 2.50 pm on Monday, the stock of Ind-Swift Laboratories Ltd is trading at Rs 17.35, up by 4.83 per cent against its previous close of Rs 16.55. Its 52-week high is Rs 49.00 while, its 52-week low is Rs 15.25 on BSE.