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BUZZ-India's Sun Pharma leads NSE gains; U.S. FDA issues EIR for co's Dadra plant
October 12, 2017 / 4:08 AM / 2 months ago

BUZZ-India's Sun Pharma leads NSE gains; U.S. FDA issues EIR for co's Dadra plant

** Shares of Sun Pharmaceutical Industries Ltd rise as much as 3.6 pct in early trade to be top percentage gainer on NSE index

** Co gets establishment inspection report (EIR) from the U.S. health regulator for its Dadra facility (bit.ly/2geiD5s)

** EIR closes all outstanding inspections by the U.S. FDA at the facility

** Stock hits highest level since July 31; leads gains on the Nifty Pharma index which was up 1.3 pct

** This is positive from a compliance perspective given that Sun Pharma was able to resolve 11 observations in a shorter time, analysts at ICICI Securities write

** News provides confidence in potential resolution of the warning letter at Sun’s key Halol facility that is awaiting re-inspection by the regulator, analysts add

** Sun Pharma’s stock lost up to 30.4 pct in the last 12 months up to Wednesday’s close

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