Hikal up 11 pc on successful USFDA inspection

New Delhi : Shares of pharma firm Hikal Ltd surged 11.5 per cent after the company said its active pharmaceutical ingredients and intermediates manufacturing unit at Bengaluru has been successfully inspected by the US health regulator.

The stock soared 11.52 per cent to settle at Rs 243.05 on BSE. Intra-day, it jumped 17.5 per cent to Rs 256.10.

At NSE, shares of the company rallied 10.97 per cent to end at Rs 241.60.

"The company's API and intermediates manufacturing facility located at Jigani, Bangalore, was recently inspected by the United States Food and Drug Administration (USFDA) in compliance with their requirements," Hikal Ltd said in a filing to BSE.

At the end of the successful inspection, the company has been informed by the investigator that 'zero' 483 observations were issued, it added.

The FDA Form 483 notifies the company's management of objectionable conditions. It is issued at the conclusion of an inspection when investigators observe any conditions that in their judgment may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.