Indoco Remedies shares jump 7% after 5-day fall; UK regulator clears Goa plant inspection

Shares of Indoco Remedies Ltd jumped 7 per cent in Thursday's trade after the company said a UK regulatory inspection of its Goa manufacturing facility concluded with no critical or major observations, offering some relief after five straight sessions of decline.

Indoco Remedies shares opened at Rs 233.65 and hit a high of Rs 248.30, up 7.39 per cent over their previous close of Rs 231.20. The stock had fallen in each of the five previous sessions from September 3 to September 9. In total, the scrip was down 16 per cent during the period mentioned.

The UK Medicines and Healthcare products Regulatory Agency (UK-MHRA) inspected the company's Plant I facility in Goa, which manufactures solid oral dosage forms, from September 7 to September 9. The current Good Manufacturing Practices (cGMP) inspection concluded with no critical or major observations, the company said.

The company said the facility continues to maintain high standards of quality and regulatory compliance. The plant caters to regulated markets including the UK, Europe, South Africa, New Zealand, Australia and Canada.

Commenting on the development, Indoco Remedies Managing Director Aditi Panandikar said, "The successful completion of the UKMHRA cGMP inspection with no critical or major observations is a strong validation of our robust quality systems."

The company added that the facility is approved by the US Food and Drug Administration, Australia's Therapeutic Goods Administration and the Malta Medicines Authority, and also holds World Health Organization Good Manufacturing Practices approval.

Indoco Remedies is a research-oriented pharmaceutical company with a global presence and has 10 manufacturing facilities, including six for finished dosage forms and four for active pharmaceutical ingredients. The company also has an R&D centre and a contract research organisation facility, while its manufacturing sites have approvals from several regulatory authorities.