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Lupin share price rises 8% intra day after Nagpur unit gets EIR from USFDA

Share price of Lupin gained 7.72 percent to Rs 848.6 intraday against previous close of Rs 787.5 on BSE


twitter-logo BusinessToday.In        Last Updated: April 13, 2020  | 19:02 IST
Lupin share price rises 8% intra day after Nagpur unit gets EIR from USFDA
Stock price of Lupin currently trades higher than its 5, 20, 50, 100 and 200-day moving averages. It closed 4.85% or 38 points higher at Rs 825.95 on BSE

Lupin share price closed higher in trade today after the pharma firm's Nagpur facility received Establishment Inspection Report (EIR) from the US health regulator. Issuance of an EIR  after completion of inspection is considered good for a pharma or healthcare firm. Share price of Lupin gained 7.72 percent to Rs 848.6 intraday against previous close of Rs 787.5 on BSE.

The stock has risen 42.6% in the last 5 days. Stock price of Lupin currently trades higher than its 5, 20, 50, 100 and 200-day moving averages. It closed 4.85% or 38 points higher at Rs 825.95 on BSE.

The pharma sector has seen strong buying sentiment since India lifted restriction on exports of anti malarial drugs such as hydroxychloroquine  and paracetamol to US and others on April 7. US President Donald Trump is of the view that hydroxychloroquine is useful in treating COVID-19 patients.

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Since then, Nifty pharma index has gained 11.25% or 915 points. On  April 7, the index stood at 8,129. Today it closed at 9,044. The index has gained 13.50% in one month.

"...announced the receipt of the Establishment Inspection Report (EIR) after closure of the US FDA inspection of its Nagpur, India facility," the company told BSE. The US Food and Drug Administration conducted the inspection between January 6 and 10, 2020.

"Nagpur facility is our largest and most advanced oral solid dosage facility," Managing Director Nilesh Gupta said.

Lupin is a pharma company engaged in producing, developing and marketing a range of branded and generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) across the world. It offers products in the cardiovascular, diabetology, asthma, pediatrics, central nervous system, gastro-intestinal, anti-infectives and non-steroidal anti-inflammatory drug therapy areas.

The company also offers solutions in the anti-tuberculosis (anti-TB) and cephalosporins therapy areas.

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BY Aseem Thapliyal

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