Indoco Remedies surges on receiving EIR for its manufacturing facility in Goa

 Today, the stock opened at Rs 329 and has touched a high and low of Rs 331.75 and Rs 321.30 respectively.

At 10 am, the shares of Indoco Remedies were trading at Rs 327.9, up by 2.01% from its previous closing of Rs 321.45 on the BSE.

Establishment Inspection Report from USFDA 

Indoco Remedies Ltd has announced the receipt of an Establishment Inspection Report (EIR) with Voluntary Action Indicated (VAI) status from the US Food and Drug Administration (USFDA) for their facility for solid dosages (Plant I) located in Verna, Goa. 

The recent inspection held from January 16, 2023, to January 20, 2023, was a surveillance inspection. The receipt of the EIR with VAI status also signifies the imminent closeout of the Warning Letter issued by the USFDA in July 2019 for the manufacturing site, situated at L-14, Verna Industrial Road, Goa (Plant I). Indoco expects this change in compliance status to pave the way for approvals of ANDAs submitted from this site. 

The company’s Managing Director Aditi Kare Panandikar said, "We are happy to receive the EIR in three and a half months’ time from the date of inspection. It is very encouraging that the site has been endorsed with VAI status, from (Official Action Indicated) OAI status, by the US Regulators.” 

Stock price movement 

Today, the stock opened at Rs 329 and has touched a high and low of Rs 331.75 and Rs 321.30 respectively. The BSE group 'B' stock of face value of Rs 2 touched a 52-week high and low of Rs 423.10 and Rs 307, respectively. Last one week high and low of the scrip stood at Rs 331.75 and Rs 310.95 respectively. The current market cap of the company is Rs 3,005.94 crore.

The promoters holding in the company stood at 58.69%, while Institutions and Non-Institutions held 19.61% and 21.69%, respectively.

Company Profile 

Indoco Remedies is a Mumbai-based pharmaceutical company that focuses on formulations with a presence in contract manufacturing and research. The Company is engaged in the manufacturing and marketing of pharmaceutical Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs).