India's Ipca laboratories rises on favourable US FDA report

Ipca Laboratories

23/10/2023 09:21

** Shares of Ipca Laboratories  IPCA.NS  rise 7.81% to a
14-month high of 1,009 rupees
    ** Stock top gainer in pharma index  .NIPHARM  which is down
1.2%
    ** Co on Friday received voluntary action indicated (VAI)
classification from the U.S. Food and Drug Administration (FDA)
for its Madhya Pradesh facility
    ** VAI implies that the U.S. drug regulator will not take
regulatory action against the company
    ** Stock is most active in six months, with a trading volume
of 5.05 mln shares as of 1:38 p.m. IST - LSEG data
    ** Avg rating of 16 analysts close to equivalent of 'hold;'
median PT is 865 rupees
    ** Stock last up ~6.8%, taking YTD gains to ~19%, compared
to 18.5% rise in pharma index

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))