Cadila Healthcare soars on USFDA clearance for Moraiya facility
Cadila Healthcare has soared 5% to Rs 837 after the company said it has received a letter from USFDA, conveying that the facilities at Moraiya are acceptable.
“With this, the warning letter issued by them earlier is resolved," Cadila Healthcare said in a filing. According to analysts, this move will provide a strong impetus to the stock as Cadila has 17 injectable filings from this facility.
“The US business is expected to grow by 20% plus in FY2013 and FY2014 on the back of 10-15 new launches every year, “ Angel Broking said in its report.
The stock opened at Rs 805 and touched high of Rs 838 on the National Stock Exchange. A combined 96,574 shares have already changed hands on the counter in morning trades, as against an average of less than 100,000 shares that were traded daily in past two weeks.