Shares of Lupin Ltd. jumped 4.8 percent on Monday after the company reported the successful completion of an inspection at its Pithampur facilities in India by the UK Medicines and Healthcare products Regulatory Agency (UK MHRA).
The inspection, which took place from March 20 to March 24, 2023, was conducted to ensure that the company's manufacturing processes and practices are compliant with the UK MHRA's standards.
During Monday’s trade, the stock opened at a price of Rs. 644 per share against the previous close of Rs. 640 per share and grew further during the early trading session to touch an intraday high of Rs. 671. It was trading at ₹666, up by 4.06 percent, at 10:25 a.m. on the NSE.
The stock touched a 52-week high of Rs. 797.50 on April 20, 2022 and a 52-week low of Rs. 583 on May 25, 2022, indicating that at the current level, the stock is trading 14.2 percent above its 52-week low and 16.4 percent below its 52-week high.
The stock has grown nearly 2 percent in the last one month. However, in the past one year, it has given a negative return of over 11 percent. In the last five years, the stock has given a negative return of 17.5 percent to its shareholders.
“We are proud that our Pithampur site has been successfully inspected by the MHRA. With the combination of oral solid, inhalation, dermatology, high potent and oral contraceptive products, this is an important facility and maintaining the highest standards of quality and compliance is a must,” said Nilesh Gupta, Managing Director of the company.
Lupin also received a tentative approval from the United States Food and Drug Administration (USFDA) for its Valbenazine Capsules.
This generic equivalent of Neurocrine Biosciences Inc's Ingrezza Capsules (40mg, 60mg, and 80mg) is estimated to have annual sales of $1,235 million in the US. The Valbenazine Capsules are available in 40mg, 60mg, and 80mg doses.
The pharma company reported consolidated sales of ₹4340.18 crore for the quarter that ended December 2022, a 4.32 percent increase from the previous quarter's ₹4160.46 crore and a 3.46 percent rise from the year-ago quarter's ₹4194.99 crore.
Lupin Ltd., established in 1983, is a large-cap business with a market capitalisation of ₹29,845.13 crore working in the pharmaceutical industry. The company develops and commercializes a range of branded and generic formulations, biotechnology products, and active pharmaceutical ingredients in over 100 markets in the United States, India, South Africa, and across the Asia Pacific, Latin America, and others.
According to a MintGenie poll, 39 analysts on an average have a ‘HOLD’ call on the stock.