The stock of Ipca Lab surpassed its previous high of Rs 981.20 touched on October 18, 2023. It was quoting at its highest level since August 2022. The average trading volumes at the counter jumped over three-fold today. A combined around 1.2 million equity shares changed hands on the NSE and BSE. In comparison, the S&P BSE Sensex was traded flat at 63,392 at 09:38 AM.
Ipca is engaged in the manufacturing and selling of active pharmaceutical ingredients (APIs) and finished dosages.
In an exchange filing, Ipca Labs said the USFDA inspected the company’s APIs manufacturing facility situated at Sejavata, Ratlam, Madhya Pradesh from 5th June, 2023 to 13th June, 2023.
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), the company said.
According to USFDA, VAI means objectionable conditions or practices were found but the agency is not prepared to take or recommend any administrative or regulatory action. This is considered to be the second best classification after ‘no action indicated’ and before ‘official action indicated.’
Meanwhile, Ipca has been building its acute and chronic portfolio in fast-growing therapies through consistent product launches, field force addition and investments in marketing initiatives to scale-up brands. India Ratings and Research (Ind-Ra) believes Ipca will be able to improve the chronic segment profitability with this segment making a meaningful contribution to margins only over the long term.
First Published: Oct 23 2023 | 10:07 AM IST