On Friday itself, just a few minutes after the market closed, Indoco Remedies had good news to share.
It stated that the USFDA has cleared the sterile manufacturing facility of Indoco Remedies for Finished Dosages, located at Vema Industrial Area, Goa (Plant II).
This is an outcome of the recent inspection conducted by the US drug regulator in Nov 2018. The change in the Inspection Classification status from 'Official Action Initiated' (OAI) to 'Voluntary Action Initiated' for Indoco USFDA, signifies that the site has come out of the 'Warning Letter' issued to the site in March 2017.
Thanks to this change, several pending Abbreviated New drug Applications (ANDA) from this facility will now be approved.
This news has helped prop up the stock price today morning. The price rose almost 8% to Rs.218.70. Its 52-week high is at Rs.238. Stock has been gaining for the last 3 days and has risen 13.56% in the period.