Marksans Pharma surges over 5% as its subsidiary gets EIR from USFDA

At 11 am, Marksans Pharma shares were trading at Rs 113.45, up by 6.44% from its previous closing of Rs 109.40 on the BSE.

Marksans Pharma’s wholly owned subsidiary, Time-Cap Laboratories, Inc. has received the Establishment Inspection Report (EIR) from US Food & Drugs Administration (USFDA) for an audit conducted in October 2023. No 483’s were issued during the Audit.

Earlier, German health authorities had conducted an inspection at Marksans Pharma’s newly acquired manufacturing facility located at Verna Industrial Estate, Verna, Goa. The Authorities had not found any critical/major observations but have few recommendations/ minor points that the Company is committed to implementing immediately.

Marksans Pharma together with its subsidiaries operates as an integrated international pharmaceutical company. The company’s business is distribution of pharmaceutical products. The company’s key focus areas lie in the OTC & prescription drugs that have wide-ranging applications across fields like Oncology, Gastroenterology, Antidiabetic, Antibiotics, Cardiovascular, Pain Management, Gynaecology, among others. The company’s manufacturing facilities located in India, USA and UK are approved by several leading regulatory agencies including USFDA, UKMHRA and Australian TGA.

The stock has gained over 129% in a year, over 92% in year-to-date (YTD) basis and around 40% in past six months. On Friday, the stock opened at Rs 110.05 and has touched a high and low of Rs 117.20 and Rs 109.60, respectively.

The BSE group ‘A’ stock of face value Rs 1 has a 52-week high and 52-week low of Rs 122.50 and Rs 47.25, respectively.Last one week high and low of the scrip stood at Rs 117.20 and Rs 101.95, respectively. The current market cap of the company is Rs 5,127.55 crore.

The promoters holding in the company stood at 43.85%, while Institutions and Non-Institutions held 19.09% and 37.06% respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.