Piramal Pharma jumps 10% on successful closure of US FDA inspection at firm's US facility
Piramal Pharma stock: In a regulatory filing on April 18, the company said," This is to inform you that US FDA has issued an Establishment Inspection Report (EIR) for the said manufacturing facility and the inspection has now been successfully closed by the US FDA."
Shares of Piramal Pharma jumped as much as 10.17 per cent to Rs 79.17 apiece on the BSE on April 19 on the successful closure of the US FDA Inspection at the company’s manufacturing facility located at Sellersville, USA.
In a regulatory filing on April 18, the company said," This is to inform you that US FDA has issued an Establishment Inspection Report (EIR) for the said manufacturing facility and the inspection has now been successfully closed by the US FDA."
At 12:33 pm, the stock was trading at Rs 78.60, up 9.38 per cent on the BSE.
Last year, Piramal Pharma was demerged from Piramal Enterprises Ltd (PEL) and started trading as a separate entity with effect from October 19, 2022. The stock was listed at Rs 201.80 on the BSE. The demerger from PEL was aimed at firmly empowering Piramal Pharma to be future-ready and enabling it to independently pursue its growth strategies with sharper focus and identity, a statement issued by the company said.
Piramal Pharma, notably, includes Piramal Pharma Solutions (PPS), Piramal Critical Care (PCC), and the India Consumer Healthcare business of PEL, which sells over-the-counter products.
The stock had hit a 52-week low of Rs 63.13 on March 23, 2023. At the time of writing this report, the company's market capitalisation stood at Rs 9,400.96 crore.
In its 19th October 2022 report, Motilal Oswal Financial Services wrote, "While PPL has been facing business headwinds over the past 15-18M, we expect resource hiring to revive the CDMO business and the easing of COVID-related restrictions to drive the Community Health Group (CHG segment)."
CDMO stands for Contract Development and Manufacturing Organization.
"We expect an EBITDA CAGR of 26% over FY22-24, led by 10%/12% sales compound annual growth rate (CAGR)in the CDMO/CHG segment and strong operating leverage. Assigning 16x/12x/18x EV/EBITDA to the CDMO/CHG/ICH segment on a 12M forward basis and adding the value of Allergen JV, we expect the fair value to be Rs 210 per share," the brokerage had written.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
Women loco pilots speak about their struggle; many men have to be informed even for 'washroom break' in a moving train
Bandhan Bank Q4 FY24 Results Preview: PAT, interest income likely to grow in almost double digits; asset quality may improve
Gold and Silver rate today (May 16, 2024): Yellow metal futures subdued; white metal hits record high breaches Rs 87,000 mark
01:17 PM IST