USFDA reports no observations in Granules India plant; stock surges

MUMBAI: Shares of Granules India rallied as much as 11.92 per cent in early trade after the USFDA found no observations after inspecting its Gagillapur facility.

"US-FDA had inspected Gagillapur facility last week and the inspection concluded with no observations. The inspection was triggered by one of the applicant’s ANDA filing," the company said in a filing to stock exchanges.

Meanwhile, the company at its Board Meeting last week fixed March 24, 2015 as Record date for the purpose of sub-division of each equity share of the face value of Rs 10 into 10 equity shares of face value of Rs 1 each.

At 09:45 a.m.; the stock was at Rs 1,007.20, up 10.84 per cent, on the BSE. It rallied 11.9 per cent to touch a high of Rs 1017.10 in early trade. Over 1.49 lakh shares were traded in the counter against two-week average of 0.59 lakh shares.