Orchid Pharma up by 5 per cent on winning EU GMP certification

The share price of Orchid Pharma soared by over 5 per cent to get locked at its upper circuit in Tuesday’s intraday trade as the company bagged the EU Good Manufacturing Practice certification.

The company received the EU GMP certification after inspection of its API manufacturing unit at SIDCO Industrial Estate at Alathur in Kancheepuram District, Tamil Nadu.

In Tuesday’s trade, the company stood at Rs. 7.44 per cent, up by 4.94 per cent on BSE. It also witnessed a spurt in volume by over 2.14 times against the average volume. The stock had hit its 52-week high of Rs. 30.55 per share on July 10, 2017 and its 52-week low of Rs. 6.71 on June 8, 2018 on BSE, respectively.

In the December quarter of FY18, the company had posted a drop in its revenue by over 30 per cent to Rs. 144.24 crore as against Rs. 209.34 crore in the September quarter of the fiscal year. The company also posted a net loss of Rs. 77.23 crore in the December quarter of FY18.

The company is under the corporate insolvency resolution process as per the order issued by the National Company Law Tribunal.

At 11:57 hours IST, the stock stood at its upper circuit Rs. 7.44 per share on BSE. Meanwhile, S&P BSE Sensex was trading at 35,667.90 level, up by 0.52 per cent and NSE Nifty50 was trading at 10,838.55 level, up by 0.48 per cent.