USFDA issues EIR for Telangana plant of Shilpa Medicare

The stock of Shilpa Medicare surged 10 per cent in early trade on Monday. The stock was buzzing following an update on a recent USFDA inspection of its Telangana facility.

The company's facility is situated in SEZ at Jadcherla, Mahabubnagar. The unit manufactures various formulations. Shilpa Medicare has filed 32 ANDA's with USFDA from this facility. It accounts for 10 per cent of the company's revenues. The unit is built to carry out contract manufacturing and dosage developments according to international regulatory requirements.

The US pharma regulator had audited the unit in November 2017 and in December issued 10 observations. With this Establishment Inspection Report (EIR) under VAI category USFDA clears the facility.

For Q3FY18, Shilpa Medicare reported consolidated total income Rs. 190.6 crore as against Rs. 187.6 crore, which is up 1.6 per cent on a year-on-year basis.

At 11:29 hours, the stock of Shilpa Medicare was trading at Rs. 511.50 per share, up by Rs. 56.05 or 12.31 per cent on Monday. While the BSE Sensex was at 33,083.79 points, down by 92.21 points or 0.28 per cent.