IPCA Labs hits a 52-week high after its Ratlam unit gets EIR from US FDA

IPCA Laboratories Share Price: Ipca Labs shares hit a 52-week high of Rs 1,003.75 each in early morning deals on BSE on Monday (October 23) after the pharma company said that its manufacturing facility had received an establishment inspection report (EIR) from US FDA.

The stock that closed at Rs 936.20 on Friday evening opened at Rs 960.05 on Monday morning before hitting the 52-week high.

The share was trading higher by 5.50 per cent, or Rs 51.45, Rs 987.65 at 10:16 am on Monday.

The company's share had also hit a 52-week high on October 16, 17 and 18.

"We had vide our letter dated 14th June, 2023, intimated to you about US FDA inspection of company’s APIs manufacturing facility situated at Sejavata, Ratlam, Madhya Pradesh from June 5, 2023, to June 13, 2023," Ipca Labs said in a BSE filing on Monday.

"This manufacturing facility has now received Establishment Inspection Report classifying the manufacturing facility as “Voluntary Action Indicated (VAI) and that this facility is considered to be in a minimally acceptable state of compliance with regard to current good manufacturing practice (CGMP)," said the company. 

Brokerage on Ipca Labs

Brokerage firm Nomura has upgraded Ipca Labs' rating to 'buy' from 'neutral' and has also raised its share price target from Rs 942 to Rs 1,133.