Cadila shares extend gains; surge over 7 pc

NEW DELHI, Feb 17:  Shares of Cadila Healthcare surged another 7 per cent today after the company said the US health regulator has inspected the firm’s Moraiya plant and found it in compliance with manufacturing norms.
The stock jumped 7.11 per cent to Rs 460 — its 52-week high — on BSE.
At NSE, shares of the company gained 7.27 per cent to touch a one-year high of Rs 460.75.
The stock had surged 20 per cent in the previous session as well.
“United States Food and Drug Administration (USFDA) inspected company’s Moraiya facility from February 6, 2017 to February 15, 2017. At the end of the inspection no observation (483) is issued,” Cadila Healthcare said in a filing to BSE yesterday.
The FDA Form 483 notifies the company’s management of objectionable conditions.
As per the US health regulator’s website, “An FDA Form 483 is issued to firm management at the conclusion of an inspection when an investigator(s) has observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts”. (PTI)