Shilpa Medicare climbs 7% on receiving EIR for Telangana unit

The facility was inspected between November 11 and November 30, 2017.ETMarkets.com  |  March 19, 2018, 15:35 IST
USFDA determined that the inspection classification of this facility is VAI and accordingly EIR is issued.
USFDA determined that the inspection classification of this facility is VAI and accordingly EIR is issued.
NEW DELHI: Shares of Shilpa Medicare surged over 7 per cent in Monday’s trade after the USFDA issued an Establishment Inspection Report (EIR) for the company’s formulations manufacturing facility (SEZ unit) located at Jadcherla, Telangana.

The facility was inspected between November 11 and November 30, 2017. USFDA determined that the inspection classification of this facility is VAI and accordingly EIR is issued, the drug maker told stock exchanges.

Following the announcement, the stock rose 7.27 per cent to Rs 488.45 on BSE.

The drug maker reported a net profit of Rs18.41 crore for the December quarter, compared with Rs15.63 crore in the corresponding quarter of last year. Net sales for the quarter stood at Rs 190.59 crore compared with Rs 187.60 crore in the year-ago quarter.