IOL Chemicals hits upper circuit on receiving EUGMP Certification

Shares of IOL Chemicals and Pharmaceuticals locked in 10 per cent upper circuit at Rs 66.30 after the company announced that it has received EUGMP Certification from National Institute of Pharmacy and Nutrition, Hungary, for its product.

On BSE, 1.59 lakh shares exchanged hands in the counter, compared with an average volume of 2.27 lakh shares in the past two week.

"The company has received EUGMP Certification from National Institute of Pharmacy and Nutrition, Hungary, for its product Ibuprofen, Lamotrigine, Metformin Hydrochloride confirming compliance with principals of Good Manufacturing Practices as provided by European Union Legislation," IOL Chemicals Pharmaceuticals said in a filing to BSE.

This will facilitate the company to expand product portfolio in the European market. IOL Chemicals informed bourses on Wednesday after market hours.

Shares of the company had hit their fresh 52-week high of Rs 155.95 on September 23, 2016 and 52-week low of Rs 58.95 on April 12, 2017.