J B Chemicals & Pharmaceuticals rose 3.30% to Rs 330 at 10:57 IST on BSE after the company said it received European Union approval for manufacturing facilities at Panoli in Gujarat.
Meanwhile, the S&P BSE Sensex was up 128.12 points, or 0.37% to 34,899.17.On the BSE, 12,000 shares were traded in the counter so far, compared with average daily volumes of 12,000 shares in the past two weeks. The stock had hit a high of Rs 331.05 and a low of Rs 321.75 so far during the day.
The stock hit a 52-week high of Rs 367.65 on 2 February 2017. The stock hit a 52-week low of Rs 255 on 28 September 2017.
J B Chemicals & Pharmaceuticals (JBCPL) announced receipt of European GMP approval for its formulation facilities at Panoli in Gujarat from Medicines Authority of Malta. The inspection is outcome of a successful current good manufacturing practice (cGMP) inspection carried out in September/October 2017.
According to the certificate received, dosage formulations including capsules, liquids (for internal use), semi solids (topical preparations like ointments, creams and gels) and tablets are found to be good manufacturing practice (GMP) compliant for manufacturing and testing.
JBCPL's tablet facility already enjoys recurrent US Food and Drug Administration (USFDA) as well as European Union (EU) cGMP compliance.
Addition of other dosage form like capsules, liquids and semi solids will open the door of EU as well as PIC/S market for these formulations manufactured at the company's manufacturing facilities situated at Panoli. The company also intends to explore possibility of contract manufacture these formulations for EU market to leverage the approval.
JBCPL has Lozenges manufacturing facility in Daman, India, which also has cGMP accredited by EU Authorities in the year 2017. Thus, the company's all formulations manufacturing facilities (non-sterile) enjoy EU approval.
J B Chemicals & Pharmaceuticals' net profit rose 14.4% to Rs 51.72 crore on 16.1% rise in net sales to Rs 349.93 crore in Q2 September 2017 over Q2 September 2016.
J B Chemicals & Pharmaceuticals is one of India's leading pharmaceutical companies, manufactures and markets a diverse range of pharmaceutical formulations, herbal remedies and active pharmaceutical ingredients (APIs).
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