Lupin Aurangabad plant gets USFDA observations: Angel Broking

Views of Ms. Sarabjit Kour Nangra (VP Research - Pharma, Angel Broking):

"The US Food and Drug Administration (FDA) issued eight observations for its Aurangabad unit, which was inspected between April 17 and 26'2017. These observations pertain to some market complaints regarding contamination of the drug and its effect on the consumer, some data relate issues and some manufacturing protocols not being followed. The plant is estimated to be contributing around 10-15% of companies US sales. Thus, on the overall basis the plant's contribution to the overall sales is not that much. Also, company still has time to get back revert to the company on these observations. Thus we are not currently changing our estimates of the company. We maintain our BUY with a price target of INR 1809."

Shares of LUPIN LTD. was last trading in BSE at Rs.1259.4 as compared to the previous close of Rs. 1259.65. The total number of shares traded during the day was 55976 in over 1900 trades.

The stock hit an intraday high of Rs. 1274 and intraday low of 1257.05. The net turnover during the day was Rs. 70765924.

Source : Equity Bulls

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