Granules India shines on receiving EIR from USFDA

Granules India informed the bourses on Thursday that it has Establishment Inspection Report (EIR) from USFDA for company’s Bonthapally facility located at Hyderabad.

The company said that USFDA had inspected these facilities in July 2019, where it had found one observation. Bonthapally facility is one of the world’s largest single site Paracetamol API manufacturing plants by volume. Along with Paracetamol APIs, the company has established Metformin and Guaifenesin API manufacturing plants in the same facility.

The company has 35 ANDA filings of which 13 are approved and 17 US & 6 European Drug Master Files (DMF). The company’s revenue from export accounts for 80 per cent of which 66 per cent of revenues are derived through regulated markets of USA, Europe and Canada.

With response to this development, the stock of Granules India surged nearly 7 per cent to touch intra-day high of Rs. 105.95 apiece. Later, the stock settled for the day at Rs. 104.2 apiece, up by 5.3 per cent from previous close.

Granules India is manufacturer and supplier of pharmaceutical products. Its products include active pharmaceutical ingredients (API) like tablets, caplets, rapid release, pharmaceutical, formulation intermediates (PFI) and Finished Dosages (FDs).