Lupin Rallies 10%, Torrent Pharma Close To Its 52-Week High

Indian indices are trading weak for the second day in a row on Dec 14, 2021 with Nifty below 17,300. In fact, the broader markets underperformed the overall indices, with the Nifty Midcap 100 down 0.99%. Among the Nifty sector indices, all indices except the pharmaceutical and metals indices were in the red. Lastly, Nifty Pharma around 11:34 am traded up 0.8 percent.

Of the index of 20 stocks, most of them were trading green and most of the gains were seen in Lupine shares to the tune of 6.7%. On an intraday basis, the stock gained 10 percent to the day's highest price of Rs. 972.4 per share compared to the previous close of Rs. 884.

The strong gains in Lupin's stock are due to its announcement that the company has received the EIR or Establishment Inspection Report from the USFDA regarding its Goa manufacturing unit after its inspection in September this year.

"Leading global pharmaceutical company Lupine Limited (Lupine) announced today that it has received the Establishment Inspection Report (EIR) from the US Food and Drug Administration (US FDA) for its Goa manufacturing facility, after the plant inspection in September 2021. The US FDA has determined the facility inspection classification to be Voluntary Action Indicated (VAI), "the company's press release said.

"We are very pleased to have received the EIR from the US FDA with the stated voluntary action rating for our Goa plant. This is an important milestone as we regain our reputation for being best in class for quality. and compliance. We are committed to manufacturing and supplying the highest quality products from all of our manufacturing sites. " said Vinita Gupta, CEO of Lupine.

On a YTD basis, the stock has plunged more than 4%, while in a week's time it has soared by 8 percent.

Meanwhile, another share in the packet, Torrent Pharma, is trading near its 52-week high of Rs. 3250, with its minimum / maximum day being Rs. 3061/3166, which is just over 2% of your 52-week high.

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