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Shilpa Medicare surges 11% on getting EIR from USFDA for Raichur units

medicine--reuters
The stock is trading higher than 5 and 20-day moving average (DMA).
Shares of Shilpa Medicare rallied over 11 per cent in early trade on Wednesday on getting EIR from USFDA for facilities located in Karnataka.

The company informed bourses that it has received establishment inspection report (EIR) from the US health regulator for both API manufacturing facilities located at Raichur, Karnataka.

The scrip was trading 11.47 per cent up at Rs 427.50 at around 9.40 am (IST), while the BSE Sensex was up 25 points, or 0.07 per cent, at 36,264 at around the same time.

“We are in receipt of EIR (Establishment Inspection Report) from USFDA to both our API manufacturing facilities located at Raichur, Karnataka. This inspection was carried out between 16th and 19th January 2018. The inspection has now been closed by USFDA,” Shilpa Medicare said in a BSE filing.

USFDA releases a copy of the EIR to the establishment that was the subject of an FDA or FDA-contracted inspection when the agency determines the inspection to be closed.

The stock is trading higher than 5 and 20-day moving average (DMA) but lower than its 50-DMA, 100 as well as 200-day moving average.

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