Aurobindo Pharma share price gained over 18% in early trading session after the pharma major announced it has received the Establishment Inspection Report (EIR) with Voluntary Action Initiated (VAI) status from drug regulator USFDA after concluding an inspection at its Hyderabad plant.
Following the update, share price of Aurobindo Pharma formed a gap up chart pattern with the opening bell, rising 10%. Later, the stock touched an intraday high of Rs 594, rising 18.75% on BSE as against the previous closing value of Rs 500.20 on BSE. The stock has surged maximum in 11 years.
Aurobindo Pharma stock is trading higher than its 5, 20, 50, 100-day moving averages. Aurobindo Pharma has moved above its 150 and 200-day simple moving average in today's trade.
The stock has risen 19.51% in last 2 days. Aurobindo Pharma share price has risen 8.5% in one week, 21% in one month and 29% year-to-date. The stock has depreciated 16.5% value in one year's period.
Market capitalisation of the large cap stock currently stands at Rs 34,002 crore. Volume-wise, 5.3 lakh and 171.6 lakh shares are changing hands on BSE and NSE counters, both above 5, 10 and 30-day average volume traded. Market depth data on BSE suggests 72% buyers bidding against 28% sellers offering the stock.
As per the company filing, USFDA conducted inspection in company's Unit IV, a general injectable formulation manufacturing facility in Hyderabad. "The company has received the Establishment Inspection Report (EIR) with Voluntary Action Initiated (VAl) status from USFDA," the filing added. Earlier, USFDA had completed inspection at Unit IV with 14 Observations in November 2019.