Shilpa Medicare Gains On U.K. Regulator’s Good Manufacturing Practice Certificate
The facility was inspected by the U.K. MHRA from April 18-20, 2022.
Shares of Shilpa Medicare Ltd. jumped the most in a month after the U.K. health regulatory authority issued a good manufacturing practice certificate to the company’s new Bengaluru facility.
The company’s newly commissioned facility for manufacturing and testing of Orodispersible films and Transdermal systems situated at Dabaspet, Bengaluru, Karnataka has been issued GMP certificate by the U.K. Medicines and Healthcare Products Regulatory Agency, according to an exchange filing. The facility was inspected by the MHRA from April 18-20, 2022.
Orodispersible films are designed to disintegrate in mouth without the aid of water, and are useful for paediatric and geriatric patients with special needs such as dysphagia, Parkinson’s disease, and oral cancer. Transdermal system is a technique that provides drug absorption via the skin.
Shares of Shilpa Medicare rose over 8% in intraday trade. The stock closed with over 5.2% gains, the most since June 14. The stock’s trading volume was over 13 times the 30-day average, when markets closed on Wednesday.
The scrip exceeded the 50-day simple moving average, implying a potential upward price momentum. Shilpa Medicare was among the top gainers in the S&P BSE Healthcare index, which gained 1% in Wednesday’s trade. The company, however, has underperformed the Sensex so far in 2022, down 22%.
It’s scheduled to report its June-quarter earnings on July 19. Over the last nine quarters, it has exceeded analysts’ estimates six times.