Ipca Labs hit fresh 52-week high post USFDA ban lift

Ipca Laboratories surged to touch a fresh 52-week high today of Rs 1,615.70 after the company announced that USFDA has partially lifted its ban for APIs of Chloroquine Phosphate and Hydroxychloroquine Sulphate.

In a BSE filing made on March 20, Mumbai-based international pharmaceutical company, Ipca Laboratories, had informed that due to the shortage implications as well as medical necessity of certain drugs and finished products, United States Food & Drug Administration (USFDA) has made an exception to the import of the company’s active pharmaceutical ingredients (APIs). The exception has been made for Chloroquine Phosphate and Hydroxychloroquine Sulphate, produced at the company's APIs manufacturing unit situated at Ratlam (Madhya Pradesh) as well as Hydroxychloroquine Sulphate tablets, produced at the company's formulation manufacturing units at SEZ Indore, Pithampur and Piparia in Madhya Pradesh.   

Nevertheless, US Centre for Disease Control (CDC) considers this medicine as one of the possible treatment for Coronavirus. However, USFDA has also added that the exception may be reconsidered if the shortage implications change.

At the time of market closing on Monday, the stock of Ipca Laboratories Ltd was trading at Rs 1,372.00, up by 0.01 per cent against its previous close of Rs 1,371.85. Its 52-week high is Rs 1,615.70 while, its 52-week low is Rs 844.20 on BSE.