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BUZZ-India's Divi's Labs surges; U.S. FDA to lift import alert on Visakhapatnam unit
November 2, 2017 / 6:04 AM / in 16 days

BUZZ-India's Divi's Labs surges; U.S. FDA to lift import alert on Visakhapatnam unit

** Shares of Divi’s Laboratories Ltd surge as much as 21 pct to 1,117.6 rupees, highest since Dec 22, 2016

** Stock posts record intraday pct gain

** U.S. Food and Drug Administration says it would lift the import alert on co's Visakhapatnam unit and will close the warning letter it had issued earlier (bit.ly/2z56Hu9)

** Stock led gains on Nifty Pharma index, sending it higher by as much as 3.5 pct and making it the top pct gainer among indexes on the NSE

** The news about Divi’s has rubbing-off impact on other pharma stocks and gives hope to particularly those which are currently under FDA scrutiny concerning some facilities, says an analyst with a Mumbai-based brokerage firm

** Sun Pharmaceutical Industries, which has received a warning letter for its Halol facility and currently awaits FDA re-inspection, shot up as much as 4.3 pct to its highest since July 27

** Dr. Reddy’s Labs and Aurobindo Pharma Ltd gain 3.5 pct and 4.8 pct, respectively

** Divi’s stock had risen about 18 pct this year as of Wednesday’s close

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