BackStrides Pharma rises 3% as EU GMP concludes inspection at Puducherry unit
The Puducherry facility caters to the US, other regulated markets and institutional businesses and has capabilities to produce finished dosage formulation products across multiple dosage formats.
PremiumMUMBAI: Shares of Strides Pharma Science rose 3.5% after the company announced receiving a renewed GMP (Good Manufacturing Practices) certificate, confirming the successful completion of the EU GMP inspection carried out by the National Institute of Pharmacy and Nutrition (OGYÉI), Hungary at its Puducherry facility.
At 1110am, the stock traded at Rs773.65 apiece, up nearly 2% from its previous close, while the benchmark index Sensex was down 0.3% at 52775.35
In August last year, it had announced the successful completion of the UK MHRA inspection at the site.
The Puducherry facility caters to the US, other regulated markets and institutional businesses and has capabilities to produce finished dosage formulation products across multiple dosage formats.
“We are pleased with the positive outcome of the recent EU GMP inspection at our Puducherry facility. The positive result of this inspection underscores our commitment to regulatory excellence at our global manufacturing sites. We stay focused on getting the facility reclassified with the USFDA" said R. Ananthanarayanan, Managing Director & CEO.
The company reported a net profit of Rs46.09 crore in the March quarter compared to a net loss of ₹203.93 crore in the year-ago period. Net sales rose 46.9% year-on-year to Rs908.49 crore.
Strides Pharma has shed 12% since the beginning of the year against an 11% rise in Sensex.
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