- Date : 12/07/2023
- Read: 3 mins
Lupin scrip performed exceptionally to register a 52-week high as the company received a favourable inspection report from USFDA on its Pithampur manufacturing facility.
12th July is proving to be a good day for the pharmaceutical company Lupin whose share prices are rallying. The stock just hit its 52-week high of ₹934.90 in the early hours and is trading in green. As of 9:43 am, the stock was trading at ₹921.25 registering a growth of 0.93% on the Bombay Stock Exchange (BSE). The spike in the stock price has been attributed to the report that Lupin received from USFDA after its inspection. The Establishment Inspection Report (EIR) submitted by the United States Food and Drug Administration (USFDA) is satisfactory boosting Lupin’s market image.
- Lupin received a positive report from USFDA on its Pithampur manufacturing facility.
- The report has boosted the company’s share prices which touched the 52-week high
- As of 9:43 am on the BSE, the shares were trading at ₹921.25
- Lupin is a good company and can be added to your portfolio if you are looking to invest in the pharma sector
Pharmaceutical companies rely on USFDA ratings and approvals to market their products and enhance their revenue. Lupin’s second manufacturing facility at Pithampur was inspected by the USFDA between the 21st and 29th of March 2023. The unit is engaged in the production of ophthalmic dosages and oral solids.
Also Read – Investing in pharma stocks? Know these things first
After inspection, USFDA categorised the facility as Voluntary Action Indication (VIA) which, in simple terms, is favourable for Lupin. After the report was issued, the company’s Managing Director, Mr Nilesh Gupta stated that the report was a major milestone for the company which is building back its market reputation in compliance and quality. Post the report, the MD said that the company is expecting to get more approvals and product launches from the approved facility, especially in the category of ophthalmology.
Previous to the manufacturing unit’s approval, Lupin had also received another tentative approval for Dolutegravir tablets for oral suspension. The drug is a generic equivalent of Tivicay PD Tablets for oral suspension sold currently by ViiV Healthcare. Lupin can market the drug after USFDA approval and it would be manufactured in the company’s Nagpur unit.
Click here to read the latest articles on Stocks
The bottom line
As Lupin is enjoying a positive market sentiment, the share prices are rallying and you can earn attractive gains in intraday trades. For delivery trading too the stock is a good pick given the company’s market reputation and growth potential. However, assess the inherent risks and invest according to your investment strategy.
Also Read – IT and pharma sectors didn’t perform in 2022. Can they recover in 2023?
Disclaimer: This article is intended for general information purposes only and should not be construed as investment or legal advice. You should separately obtain independent advice when making decisions in these areas.
