Shares of Symbiotec Pharmalab Ltd rose to a day high of Rs 1,136.00 on 29 September after its Pithampur plant got a favourable US FDA report.

The company told exchanges that the US Food and Drug Administration has issued an Establishment Inspection Report, or EIR, for its Pithampur plant in Madhya Pradesh, marked Voluntary Action Indicated, or VAI.

An EIR is the written report a regulator issues after inspecting a factory. VAI means inspectors may have noted some issues, but the agency requires no action. It is a favourable result.

US FDA inspectors visited the plant, which sits in a special economic zone, from 10 August to 14 August. The report reached the exchanges on 29 September.

Symbiotec is a research-driven pharma and biotech company that works in organic chemistry, biotechnology and complex injectables.

It listed on NSE on 1 September, and since that debut the stock has moved between Rs 934.20 and Rs 1,193.70. Its latest numbers are for the June quarter.

Revenue from operations rose about 7% to Rs 218.2 crore, but net profit fell by more than half to Rs 14.1 crore. Both figures are measured against the same quarter last year.

At 13:28 pm, Symbiotec Pharmalab was trading at Rs 1,134.90 on NSE, up Rs 79.15 or 7.50% from the previous close of Rs 1,055.75.

It’s still below its 52-week high of Rs 1,193.70, hit on 10 September, and its market value stood at Rs 7,250.66 crore.

Feeling overwhelmed by the markets? Let Tradz by EquityPandit be your guide. Our user-friendly app simplifies complex data and provides actionable trading signals. Download the app today and trade with confidence!