IndiaCatalog.com
India News
Search Web Directory
News Home
Cipla rebounds 13% from 52-week low on heavy volumes
Posted on 11th October 2019
Shares of Cipla gained 5 per cent to Rs 442, thus bouncing back 13 per cent from its early morning low on the BSE on Friday as, according to analysts, the USFDA's inspection of Goa facility found no repeat or data integrity (DI) observations, so there is no chance of import alerts at the plant.

The stock of the pharmaceutical company hit a 52-week low of Rs 390 in the intra-day trade. The trading volumes on the counter jumped seven-fold with a combined 16.6 million shares, representing 2 per cent of the total equity of Cipla, changing hands on the NSE and BSE till 02:50 pm.

The United States Food and Drug Administration (USFDA) conducted a cGMP (current good manufacturing practices) inspection at the company’s Goa manufacturing facility from September 16-27, 2019. The inspection ended with 12 observations, none of which were related to data integrity, Cipla said in a regulatory filing on September 28.

Cipla's US business contributes 22 per cent of total sales. Goa unit is an important facility for Cipla (injectable plant; around 20-25 per cent of US sales; one source products contributes 2.5 per cent of total sales).

Analysts at Reliance Securities expect there will be limited financial impact (sales of around US$40-50 million) due to lack of new approvals from the facility. Most of the new filings are from Indore facility. Further, the company can do site transfers for large products (Cipla has multiple USFDA approved plants), it added.

The brokerage firm said it has shown Form 483 to few regulatory experts, and as per them, some of the observations are of serious in nature. The observations are very detailed ones and USFDA inspectors have raised questions on cleaning validations, batch failures, quality of drugs, design of the equipments, aseptic processing areas, size and construction of the building, prevention of microbial contamination of the drugs and material specifications.

Hence, resolution of this plant would be time-consuming and it would take at least 8-10 months unlike Cipla’s historical track record of resolving USFDA issues within 2-3 months. There are good chances of getting Official Action Indicated (OAI) status for the facility; however, it may be avoided by providing robust Corrective & Preventive Action (CAPA) by the company. Additionally, all the observations are related to plant-specific and hence, we are not expecting Global CAPA, the brokerage firm said in a company update.

In the past three months, Cipla has underperformed the market by falling 22 per cent, as compared to a 2 per cent decline in the S&P BSE Sensex till Thursday.

Related Companies: Cipla Limited - Mumbai.   

Other Latest News
AIMPLB to decide on filing Ayodhya verdict review petition in SC today
Posted on 16th November 2019
The All India Muslim Personal Law Board (AIMPLB) is likely to take a call on whether to file a review petition in the Supreme Court's final verdict in the Ayodhya land dispute case.

A meeting of AIMPLB is expected to take place today in Lucknow to decide on call to be taken by the board in the Ram Janmabhoomi-Babri Masjid case verdict by the Supreme Court.


Maharashtra: BJP afraid MLAs may defect, says NCP’s Nawab Malik
Posted on 16th November 2019
The Maharashtra BJP is bedevilled by the trepidation that politicians who joined the party ahead of the October 21 Assembly polls will defect and, hence, its leaders are claiming they will form government in the state, the NCP said on Saturday. NCP chief spokesperson Nawab Malik made the remarks a day after Maharashtra BJP chief Chandrakant Patil said his party will soon form the government and claimed it can count on the support of 119 MLAs, including Independents, in the 288-member Assembly.

SAT pulls up Sebi for 'shabby' handling of complaints from investor
Posted on 16th November 2019
The Securities and Appellate Tribunal (SAT) has hauled up the Securities and Exchange Board of India (Sebi) for giving computer-generated response to investor complaints filed on its online platform Scores and for disposing of the matter without settling the case.

“We find the approach adopted by Sebi to be a strange one. Such computer-generated disposal of a serious complaint speaks volumes on the conduct in treating the minority shareholders in this shabby manner,” the tribunal said while delivering a judgment on a matter related to an investor complaint.


US to extend licence for its firms to continue business with Huawei: Report
Posted on 16th November 2019
The Trump administration is set to issue a two-week extension of a licence allowing U.S. companies to continue doing business with China's Huawei Technologies Co Ltd, two sources familiar with the deliberations said.

The extension of around two weeks is far shorter than the prior 90-day extension and a longer extension is in the works but has not yet been finalised due to regulatory hurdles, said one source who was briefed on the matter.


SC sets aside NCLAT order, paves way for Arcelor to acquire Essar Steel
Posted on 16th November 2019
The Supreme Court on Friday brought down the curtains on an epic battle for debt-laden Essar Steel, paving the entry of the world’s largest steel maker, ArcelorMittal, into the second-biggest steel market, India.

In a ruling that would have a far-reaching impact on cases under the Insolvency and Bankruptcy Code (IBC), the apex court has set aside the National Company Law Appellate Tribunal (NCLAT) order that put a different class of creditors — financial vis-a-vis operational creditors as also secured and unsecured financial creditors — on a par.


» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for Cipla rebounds 13% from 52-week low on heavy volumes
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for Cipla rebounds 13% from 52-week low on heavy volumes

Most Read News

There will be Shiv Sena CM in Maharashtra, no matter what: Sanjay Raut

Supreme Court: CJI Ranjan Gogoi's last working day today, Bar Association to organise farewell ceremony

Govt must read ‘extremely important’ dissent order in Sabarimala verdict: Justice Nariman

Amazon challenges Pentagon's $10-billion cloud deal with Microsoft

Women's entry at Sabarimala: Supreme Court refers matter to larger bench

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019 IndiaCatalog.com
    All Rights Reserved
Privacy Statement