As per the company’s filing to BSE, the USFDA has informed the company that it will be lifting the Import alert 66-40 and will be moving to close out the warning letter issued to the company’s Unit-II at Vishakhapatnam. The Divi’s stock is up 15% or Rs 139 trading at Rs 1062 on NSE at 9.15 am.
The US drug regulator, after its reinspection of the plant during September 11 to 19, 2017, had issued six observations by raising Form-483.
The Company, in its September 2017 quarter financial results press release, had mentioned that it had filed responses to the USFDA within the given stipulated time.
The Company had reported tepid September, 2017 quarterly financial results due to the impact of Import alert on the Unit-II plant. The Company has seen a drop in its net revenue from operations from Rs 994.18 crores in corresponding quarter of previous year (net of excise duty) to Rs 887.52 crores in the reported quarter by 11 % and a slip in the net profit of Rs 223.85 crores in corresponding quarter of previous year to Rs 206.78 crores in the reported quarter by 8 %.
Divis Laboratories Ltd is currently trading at Rs 1070.65, up by Rs 150.35 or 16.34% from its previous closing of Rs 920.3 on the BSE. The scrip opened at Rs 1012.3 and has touched a high and low of Rs 1117 and Rs 1012.3 respectively. The stock is currently trading above its 50 DMA.
Divi’s Laboratories manufactures and markets generics, APIs and intermediates. It is also engaged in custom synthesis of active ingredients and advanced intermediates for pharma MNCs. The company derived 49% of FY17 revenues from generics, followed by CRAMS and neutraceuticals at 45% and 6%, respectively.
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