Granules Pharmaceuticals, Inc, a wholly-owned foreign subsidiary located in Chantilly, Virginia, US received an Establishment Inspection Report from the US FDA
Granules India
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Granules India share price edged higher on March 15 after a unit cleared an audit by US Food and Drug Administration (US FDA).
Granules India announced that Granules Pharmaceuticals, Inc. (GPI), a wholly-owned foreign subsidiary located in Chantilly, Virginia, US received an Establishment Inspection Report (EIR) from the US FDA, the company said in an exchange filing.
“The GPI facility was inspected by the US FDA from January 24-28 for two of its product applications filed. There were three minor observations during the inspection and GPI had addressed the observations in the stipulated time period,” the company added.
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The stock was trading at Rs 305.90, up Rs 3.10 or 1.02 percent at 11:09 hours on NSE. It touched an intraday high of Rs 313 and an intraday low of Rs 302.30.
“We are glad to have completed yet another audit after successfully addressing minor observations. This is the sixth successful US FDA audit for this facility,” said Priyanka Chigurupati, Executive Director, Granules Pharma.
Sameet Chavan of AngelOne has a buy rating on the stock with a target of Rs 322 per share. “Some of the marquee pharma names did phenomenally well in the week gone by. On March 11, a few mid and smaller names kept buzzing. On the daily chart, we can observe a “1-2-3″ pattern with at least twice its average daily volumes,” he said.
“The stock has managed to close above its key short-term moving averages, hence we expect the stock to play some catch-up with its larger peers. Traders can look to buy on a decline at around Rs 305 for a near-term target of Rs 322. The stop-loss can be placed at Rs 294,” he added.
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