Indoco Remedies receives accreditation from Japanese regulator

Indoco Remedies witnessed a rise of 4 per cent in its share price during the morning hour. The company announced that its Patalganga unit has received accreditation from the Japanese drug regulatory authority.

The Pharmaceuticals and Medical Devices Agency (PMDA) Japan renewed the accreditation for Indoco Remedies' API plant at Patalganga, which is in Raigad, Maharashtra. The accreditation is valid until May 21, 2023.

PMDA has issued certificated foreign drug manufacturer status to Indoco Remedies for medical devices, regenerative, cellular therapy and gene therapy products, and cosmetics.

Also, the rating agency ICRA has revised the company's credit rating from [ICRA]AA- to [ICRA]A+ for its the long-term borrowing programme of the company. ICRA has revised its outlook for the company's long-term rating from Negative to Stable.

Meanwhile at 12:46 hours, Indoco Remedies was quoting Rs. 224.00 per share, up by 3.11 per cent against the previous close of Rs. 217.25. The stock touched its 52-week high of Rs. 317 on January 24, 2018 and 52-week low of Rs. 179 on May 31, 2017.