Indoco gets EU GMP certification; stock ascends

Indoco Remedies zoomed close to 7 per cent on the bourses in Friday morning trade after the company announced receiving a certification for its Goa plant.

The company has received European GMP certification from Regulatory Authority of Hungary for its manufacturing facility for non-sterile products (Goa-plant III). The certification will allow the company to export medicinal products to all European countries.

Earlier this week, the company’s solid dosage plant in Goa (Unit I) had received 8 observations (483s) from USFDA inspection. However, the company had also notified that the observations were correctable and the company was in the process of preparing its response for the same.

Exports from the Indoco’s Goa solid dosage plant constitute about 10 per cent of the company’s total exports and less than 4 per cent of its total sales.

At 11:25 hours, Indoco Remedies was trading at Rs. 263.85 per share, up Rs. 3.5 or 1.34 per cent on NSE. The scrip opened at Rs. 269.90 and touched an intraday high of Rs. 278.45 per share on NSE. The stock has a 52-week high of Rs. 317.40 and 52-week low of Rs. 178.10 per share on NSE. The stock attracted a traded volume of 1,09,512 shares on NSE.