Granules India stock rises despite US FDA's inspection at its Virginia unit

Granules India Share Price: Granules India shares rose in early morning deals on BSE on Monday (December 18, 2023) despite US FDA conducting good manufacturing practice inspection at the company subsidiary's Virginia unit in the USA.

The Granules India stock was trading higher by 1.59 per cent, or Rs 6.20, at Rs 395.05 at 10:57 am on Monday.

The investigation ran from December 11-15. As many as five objections were issued to the unit after the inespection.

"Please be informed that the US FDA has completed a GMP inspection of the facility of Granules Pharmaceuticals, Inc., a wholly-owned foreign subsidiary of the Company located in Chantilly, Virginia, USA from 11th December 2023 through 15th December 2023 with five (5) observations. Granules Pharmaceuticals, Inc. will respond to these observations within the stipulated time and does not anticipate any disruptions to its business," said Granules India in its BSE filing.

Nifty Pharma Index 

The Nifty Pharma index was higher by 1.44 per cent, or 233.65, at 16413.45 at 11:31 am on Monday.

The index's rise in the one month has been 3.84 per cent.

It has soared by 23.74 per cent in the six months and 30.77 per cent year to date.

The benchmark Nifty 50 index, meanwhile, has jumped by 9.03 per cent in the one month; 14.49 per cent in the six months, and 18.00 per cent year to date.