Ipca Labs hits 52-week high as Ratlam unit’s VAI classification positively surprises Street

Ipca’s Ratlam manufacturing unit was previously issued 11 observations by the US FDA, which had prompted expectations among analysts of the unit receiving an Official Action Indicated (OAI) status, the most severe classification.

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Shares of Ipca Laboratories surged over 7 percent and hit a 52-week high of Rs 1,003 in early trade on October 23 as the US Food and Drug Administration’s Voluntary Action Indicated (VAI) classification for its Ratlam unit came as a positive surprise to the Street. “Facility considered to be in minimally acceptable state of compliance with regards to current good manufacturing practice,” the US FDA said. The US drug authority had conducted an inspection of Ipca’s Ratlam unit from June 5-13.

Ipca’s Ratlam manufacturing unit was previously issued 11 observations by the US FDA, which had prompted expectations among analysts of the unit receiving an Official Action Indicated (OAI) status, the most severe classification.

At 09.27 am, shares of Ipca Labs were trading 6.5 percent higher at Rs 996.90 on the National Stock Exchange.

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The recent slew of inspections at several manufacturing sites of Ipca Labs is seen as a part of the company’s effort to scale up its operations in the US, especially after its acquisition of Unichem Laboratories.

Brokerage firm Nomura believes that in the medium-to-long term, Ipca Labs can scale up its US business by leveraging its front and back infrastructure. The firm also feels that the US growth prospects of Ipca make the risk-reward favourable for the drugmaker.

Moreover, aiding the sentiment has been the drugmaker’s strong growth in domestic formulations, which is ahead of the broader market, Nomura added. The brokerage house has a ‘buy’ call on the stock, with a price target of Rs 1,133, reflecting an upside potential of over 21 percent from Friday’s closing price.

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