The company's shares surged 4.14% to Rs 820.40 after they received the inspection report (EIR) from the US drug regulator
The Center at Coral Springs, Florida, focuses on research and development of respiratory products for the treatment of asthma, chronic obstructive pulmonary diseases and other respiratory ailments.
Stock of Lupin is showing sign of oversold on RSI indicator. Breakout from the level of 638 would lead stock to witness more upward movement.
Once the banking stocks start chipping in, the Nifty is likely to reclaim 12,220 - 12,300 in coming weeks
Consolidated sales of the company stood at Rs 3,716 crore for the quarter under consideration
On the corporate earnings front, Bharti Airtel, Lupin, Sun Pharma, and Mahindra & Mahindra are among the major companies scheduled to declare their October-December results this week
Official Action Indicated means 'objectionable conditions were found and regulatory administrative sanctions by FDA are indicated' during inspections
The company, however, said it does not believe that this inspection classification will have an impact on disruption of supplies or the existing revenues from operations of this facility.
Stock calls and Outlook on Nifty by Mr. Sameet Chavan, Chief Analyst- Technical & Derivatives, Angel Broking Ltd.
Dr Reddy's was in the news for falling short of expectations during routine audits conducted by the US drug regulator
The company had earlier received approval for the product from the United States Food and Drug Administration
Stock calls and Outlook on Nifty by Mr. Sameet Chavan, Chief Analyst- Technical & Derivatives, Angel Broking Ltd.
Lupin, the largest player in India's anti-TB market, too admitted that in anti-TB segment, the focus on branded business has declined in the past few years
A strong product pipeline and growth in India and emerging markets are positives, but regulatory hurdles, delayed drug approvals in the US could hurt prospects
We were into APIs in the US and we started finished products, said Nilesh D Gupta
Besides captive consumption, the company also supplies APIs to external customers across international markets
The drug, cefdinir for oral suspension, has been manufactured by Lupin's Mandideep manufacturing facility in central India
Lupin said in a regulatory filing that the US health regulator had made two observations following the inspection and had classified the inspection as Official Action Indicated
The USFDA stated that Goa facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed.
Analysts remain neutral on the stock given limited growth visibility in US, regulatory and lawsuit overhangs