Panelav facility of Alembic Pharma gets VAI classification

The shares of Alembic Pharmaceuticals were trading in green on Monday, defying the market mood after US drug regulator classified the company's Panelav facility as voluntary action indicated (VAI).

US Food & Drug Administration (USFDA) has classified Alembic Pharmaceuticals’ general oral solid formulation facility located at Panelav in Gujarat as voluntary action indicated (VAI). The inspection at the said facility was conducted by USFDA from March 9 to 13, 2020. VAI means USFDA accepted the company's response to its observations, Alembic Pharma said in a filing to BSE.

On a consolidated basis, the pharmaceutical company's net profit rose 54.79 per cent to Rs 233.52 crore on 30.19 per cent increase in the net sales to Rs 1,206.83 crore in Q4FY20 over Q4FY19. The result was announced on April 23, 2020.

Alembic Pharmaceuticals Ltd is a multinational pharmaceutical company headquartered in Vadodara (Gujarat). It is involved in the manufacture of pharmaceutical products, substances and intermediates.

On Monday, the stock of the company closed at at Rs 753.50, up by 1.01 per cent or Rs 7.55 per share in a negative market. The 52-week high is Rs 840.95 and the 52-week low is Rs 435.10 on BSE.