Sharon Bio jumps up 16%

Sharon Bio-Medicine is literally buzzing loud and clear today morning. Intra day, the stock price zoomed up over 16% at Rs.32.30 and is now at Rs.31 levels, up 13%. Volumes are up more than two times.

The stock price has jumped up after the company stated today morning that its Taloja plant near Mumbai was recently inspected by the US FDA and it has received the Establishment Report for its Dehradun manufacturing plant. This plant was inspected by the FDA in August 2015. In Taloja, the company is awaiting the FDA’s approval for its drug, Memantine and the company expects the go-ahead from the FDA, as early as the coming week.

Even for the Dehradun plant, the company expects the certificate to come in by next week. Once this comes in, it will begin manufacturing.

Meanwhile, the company owes US$ 1.1 million to the US FDA and it says that it will pay this off by next week.

So next week is when all the action will happen and as these certificates come in, we can see the stock price showing more spurts into the green.