IOL Chemicals & Pharmaceuticals Ltd saw a considerable surge of around 14% in trade on Tuesday following the successful conclusion of the site inspection by ANVISA – Brazil’s Health Regulatory Agency, for good manufacturing practices.
The company informed in an exchange filing, “We are delighted to inform you the Brazilian Health Regulatory Agency has completed a GMP audit of all the 10 APIs manufacturing Units located at Barnala, Punjab unit. No observation was made. The survey was conducted from March 11, 2024 – March 15, 2024.
Propelled by this news, the stock trade surged by 13.94% to hit a maximum of Rs 411.90 for the day.
The trading volume remains notable with BSE exchanging about 1.18 lakh shares against the two-week average of 35,000 shares
. Turnover on the counter was Rs 4.71 crore, leading to market capitalization to Rs 2,381.98 crore. Noteworthy, 22,911 buy bids hit against 15,643 queues, even though shares denote robust investor interest.
IOL Chemicals & Pharmaceuticals was doing GMP audit of manufacturing units, and the ANVISA site inspection conclusion indicates the company’s dedication to maintaining high-quality factories. The conclusion of the survey further strengthens confidence within equity.
