Shilpa Medicare shares touch 52-week high on GMP Certification from Ages, Austria

Shilpa Medicare Share Price | Earlier in this month, the company had raised Rs 500 crore through a Qualified Institutional Placement (QIP).

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Shilpa Medicare share price touched 52-week high of 558 in the early trade on April 18 after the company received GMP Certification from Ages, Austria.

At 09:37 am, Shilpa Medicare was quoting at Rs 554.15, up Rs 13.70, or 2.53 percent, on the BSE.

The company’s Unit 4, Jadcherla, Telangana, India was inspected by AGES, Austria from January 22, 2024, until January 26, 2024 and after a successful inspection, the unit has been issued GMP Certification.

The previous EU – GMP inspection for this facility was in January 2020.

This unit of Shilpa Medicare is engaged in the manufacture, testing and distribution of sterile Injections and non-sterile tablets and capsule finished dosage forms in the US, Europe and the rest of the world markets.

This inspection will facilitate the continued supply of medicines for commercial distribution to various countries of the European Union from this unit.

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Earlier this month, the company had raised Rs 500 crore through a Qualified Institutional Placement (QIP).

The company’s board approved the allotment of 1.09 crore equity shares with a face value of Re 1 each to eligible institutional buyers. The issue price for the QIP was fixed at Rs 455 per share.

As of December 31, promoters of Shilpa Medicare held a 50 percent stake in the company.

The pharma company posted a consolidated loss of Rs 6.6 crore for the quarter ended December FY23 against a profit of Rs 9.56 crore in the same period last year.