Granules India surges 7% on successful completion of re-inspection at Telangana facility

NEW DELHI: Shares of Granules India soared over 7 per cent in Friday’s trade after the company told stock exchanges that it has successfully completed re-inspection of the company's facility in Telangana by a Portugal agency.

The stock surged 6.86 per cent to hit a high of Rs 970.25 on BSE. At the prevailing price, the stock is trading 20.05 times its trailing 12-month earnings per share.

The company had in January received eleven observations from Infarmed, the Portuguese drug regulator, for its facility located at Gagillapur, Telangana.

These observations were issued by Infarmed after it conducted a renewal inspection on the company's Gagillapur facility, which manufactures pharmaceutical formulation intermediates (PFIs) and finished dosages (FDs).

“After submission of the responses to the audit observations, re-inspection of the said facility was conducted by Inframed from January 31 to February 2. We are pleased to inform that re-inspection was completed successfully,” the company told exchanges on Friday.