2022-09-24 16:02:55
Cipla gains 3% as Indore plant gets EIR from USFDA | Shroommarkets| Stock Market Today | Stock Market Live News Update
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Saturday, September 24, 2022

Cipla gains 3% as Indore plant gets EIR from USFDA

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Shares of rallied up to 3 per cent in Friday’s trade after it received the Establishment Inspection Report (EIR), indicating the closure of inspection from US drug regulator for its Indore plant.

The drug major in a BSE filing said that United States Food and Drug Administration (USFDA) did a product-specific pre-approval inspection (PAI) for the Indore plant from June 27 to July 1, 2022.

“This is to inform that following the product-specific PAI by the USFDA at the Indore plant, the company has now received the Establishment Inspection Report (EIR) indicating closure of the inspection,” the BSE filing said.

At 1.27 pm, the stock was trading at Rs 1072 on BSE, up 1 per cent in an otherwise weak market. It hit the day’s high of Rs 1092 on BSE. The stock has been on an uptrend for the last three months, recording gains of nearly 15 per cent.

International brokerage Jefferies maintained a buy call on Cipla with a target of Rs 1,223. “The company’s upcoming launches and pipeline look strong. Its FY23/24 EPS changes by +4 per cent/3 per cent. The counter is a top pick in Indian pharma generics,” said Jefferies.

Domestic brokerage

Securities also has a buy call on Cipla with a target price of Rs 1,125.

The drug major in its June quarter results reported a 3.96 per cent year-on-year (YoY) drop in consolidated net profit at Rs 686.40 crore compared with Rs 714.72 crore in the same quarter last year.

Cipla provides products for various therapeutic fields, such as malaria, HIV/AIDS, critical care, infectious diseases, dermatology, and children’s health.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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