Indoco Remedies spikes 20 per cent on getting EIR

Indoco Remedies, headquartered in Mumbai, informed the bourses that it has received Establishment Inspection Report (EIR) from USFDA for Goa Plant II & III.

The inspection on the above-mentioned plant was held from May 27, 2019 to June 4, 2019, where the company had received 4 observations (483s). The company has received EIR in less than two months from the date of inspection.

The company has 33 ANDAs which are pending for approval, out of which, 17 are for ophthalmic, 5 are for injectables and 11 are for solid dosages from the site.

Indoco Remedies has 9 manufacturing facilities, 6 of which are for FDFs and 3 for APls, supported by a state-of-the-art R&D Centre and a CRO facility.

Reacting to this positive announcement, the stock price rose by 20 per cent and made an intraday high of Rs. 183 on the BSE. The stock had hit 52-week high of Rs. 238 on November 26, 2018 and made 52-week low of Rs. 134.10 on June 20, 2019 on the BSE. At 14:47 hours, the stock was trading at 173.00, up by 13.03 per cent on Friday.