Indoco Remedies rallies 20%, hits 52-week high after USFDA approves plants

NEW DELHI: Indoco Remedies Ltd surged as much as 19.7 per cent in trade on Tuesday to hit its 52-week high of Rs 197, after the pharma player said that it has received a nod from United States' drug regulator for two of its facilities in Goa.

At 09:30 a.m.; the stock pared some of its gains but was still trading 14.4 per cent higher at Rs 188.25. It hit a low of Rs 178 and a 52-week high of Rs 197 in trade today.

The US Food and Drug Administration (US FDA) has approved the sterile facility (plant-II) and solid dosage facility (plant -III) located at Verna in the adjoining coastal state, a company release said here.

"The nod will facilitate the generic approvals in the US market and subsequent product launches there," said a PTI report quating Indoco Chairman Suresh G Kare said.

It will also boost high-margin revenues from the highly remunerative US market, the world's largest player in pharma space, he added.