Torrent Pharmaceuticals manufacturing site in Dahej, Gujarat, has been granted a “voluntary action indicated” classification from the USFDA on 24 August, making the shares trade in the green.

The manufacturing site that was placed under “official action indicated” classification on the basis of the March 2019 inspection outcome has been reclassified after the site was re-inspected by the USFDA (the US Food and Drug Administration) between 17-25 May 2023.

As per the USFDA, “Voluntary action indicated means that objectionable conditions or practices were found, but the agency is not prepared to take or recommend any administrative or regulatory action”.

The previous classification implied that regulatory or administrative action was needed for the said site.

Under the new classification that has been given to Torrent Pharma’s Dahej site means that the company can now get approval for all pending abbreviated new drug applications from the site.

Torrent Pharma manufactures and distributes therapeutic drugs for the central nervous system, cardiovascular, gastrointestinal, and women’s health.

The company also reported a strong number for the April-June quarter, with a nearly 7% YoY increase in net profit for the quarter with a 10.4% YoY increase in revenue from operation for the quarter under review.

The Ahmedabad-based company has also entered the race to acquire the Hamied family’s stake in pharmaceutical giant Cipla.

At 12:15 pm, the shares of Torrent Pharma were trading at Rs 1,970.45 or 1.65% above its previous close on NSE.