Gland Pharma shares rise 8% in early trade; here’s why

Shares of Gland Pharma Ltd rose nearly 8% today after the USFDA issued a zero-observation certificate to the company for its Visakhapatnam facility. Gland Pharma shares hit an intraday high of Rs 1393.45, rising 7.68% against the previous close of Rs 1294 on BSE. Gland Pharma stock opened higher at Rs 1342. On September 2, 2022, the stock touched its 52 week high of Rs 2606 on BSE. The stock hit its 52-week low of Rs 861.50 on May 22, 2023. 

Total 0.43 lakh shares of the firm changed hands amounting to a turnover of Rs 5.80 crore in Monday’s early session. Market cap of the firm rose to Rs 22191 crore on BSE.  

In terms of technicals, the relative strength index (RSI) of Gland Pharma stands at 73.8, signaling it's trading in the overbought zone. Gland Pharma stock has a one-year beta of 0.1, indicating very low volatility during the period. Gland Pharma shares stand higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day but lower than  the 200 day moving averages. 

The United States Food and Drug Administration (US FDA) carried out the good manufacturing practice (GMP) inspection at the company’s VSEZ Sterile Oncology facility at Visakhapatnam between July 20 and July 28. The inspection concluded with zero 483 observations and a classification of No Action Indicated (NAI).  

On July 14, the company received one observation after the USFDA conducted a GMP inspection at Dundigal facility at Hyderabad during July 3-14. 

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Meanwhile, a meeting of the board of directors will be held on August 7 to consider and approve the unaudited standalone and consolidated financial results for the quarter ended June 30.  

Gland Pharma Limited is a generic injectable-focused company. The company specialises in complex injectables and is engaged in the sterile injectables, oncology, and ophthalmology segments. The company provides contract development, own development, dossier preparation and filing, technology transfer and manufacturing across a variety of delivery systems.  

 

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