Cipla shares soared 10% to an intraday high of Rs 1,560.05 after USFDA inspection at the company’s Goa facility has been classified as a Voluntary Action Indicated.
“…the routine current Good Manufacturing Practices (cGMP) inspection at Company’s manufacturing facility in Goa, India between 10th – 21st June, 2024, we hereby notify that the United States Food and Drug Administration (USFDA) vide communication dated Wednesday, 30th October, 2024 (8:28 p.m. IST) has classified the above-referred inspection as Voluntary Action Indicated (VAI),” said the company in an exchange filing.
VAI meant that the USFDA found objectionable conditions or practices, but the agency will not recommend any regulatory or administrative action. The agency believes the facility can correct the issues voluntarily.
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The pharma major reported a 15.2% year-on-year rise in its consolidated net profit Q2 FY25 to Rs 1,303.53 crore, compared to Rs 1,177.64 crore in the same quarter a year ago. Sequentially, the consolidated net profit was up 10.6%. Its revenue from operations stood at Rs 7,051.02 crore during the second quarter of the current fiscal year against Rs 6,678.15 crore in Q2 FY24, an increase of 10.5% on year. The company’s EBITDA increased 11.6% compared to the same quarter last year, totalling to Rs 1,886 crore.
Cipla Vs Nifty
The stock of Cipla has fallen more than 5.6% in the last five days and 14.2% in the past one month. However, it has risen almost 1.3% in the last six months and 13.4% from year to date. The stock of the pharma company has delivered more than 18.2% returns in the last one year.
To compare, the benchmark index Nifty 50 has fallen 0.28% in the last five days and 5.7% in the past one month. However, the index has risen 7.7% in the past six months and 12% from year to date. The index has risen 28% in the last one year.
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