Wockhardt bounces back

Wockhardt which bounced back sharply yesterday, breaching the upper limit at Rs.470.45, is up in the green today too. The stock is currently up at Rs.509, up over 8%, with a 2.7 times spike up in volumes.

The stock is up ever since the company, yesterday, stated that Medicine and Healthcare Products Regulatory Agency, UK, (UKMHRA) has eased the restrictions at its Kadaiya to an extent allowing it to supply most of the products manufactured at the said facility to the UK.  The company said that it would take a revenue hit of less than 1 million pound due to UKMHRA issuing import restrictions and this hit is out of the total annual consolidated revenue of approximately 18 million pound.

In October, UKMHRA had imposed restrictions on import of medicines made at the Mumbai-based firm's unit at Kadaiya for violation of norms.