Shilpa Medicare: Shilpa Medicare Hits 52-Week High with GMP Certification from Ages, Austria
The Shilpa Medicare Company has received GMP Certification for its Telangana plant after the Ages company Austria Visited this factory at January month 2024. The Shilpa Medicare manufacturing Sterile injections, Non- Sterile Tablets and Capsules exports to US, Europe and other western countries. This company is Rs.500 cr acquired through QIP issue of Rs.455 per share this month.
SHILPA MEDICARE Market Price is moving in Descending Triangle and market has rebounded from the support area of the pattern
On April 18, the share price of Shilpa Medicare surged to a 52-week high of 558 in early trading, following the company’s receipt of GMP Certification from Ages, Austria.
The inspection of the company’s Unit 4 located in Jadcherla, Telangana, India was conducted by AGES, Austria from January 22 to January 26, 2024. Following a successful inspection, the unit was granted GMP Certification. Notably, the previous EU – GMP inspection for this facility took place in January 2020.
This particular unit of Shilpa Medicare is involved in the manufacturing, testing, and distribution of sterile injections and non-sterile tablets and capsule finished dosage forms for markets in the US, Europe, and other regions worldwide.
The GMP Certification obtained through this inspection ensures the continued supply of medicines for commercial distribution to various countries within the European Union from this unit.
Earlier this month, the company successfully raised Rs 500 crore through a Qualified Institutional Placement (QIP). The board approved the allotment of 1.09 crore equity shares with a face value of Re 1 each to eligible institutional buyers at an issue price of Rs 455 per share.
As of December 31, the promoters of Shilpa Medicare held a 50 percent stake in the company.
Despite these positive developments, the pharma company reported a consolidated loss of Rs 6.6 crore for the quarter ended December FY23, compared to a profit of Rs 9.56 crore in the corresponding period of the previous year.
Jubilant Pharmova: Jubilant Pharmova Hits 52-Week High on FDA’s VAI Classification for Roorkee Facility
The Jubilant Pharmova is received a Voluntary action indication approval from US FDA today for its subsidiary. The Roorkee plant now exports generics to the US without burdening of cost pressures, Quality management, Head cost issues.
JUBILANT PHARMONVA Market Price is moving in box pattern and market has rebounded from the support area of the pattern
On April 18, the shares of Jubilant Pharmova surged to a 52-week high of 699.15 in early trading following the announcement that its subsidiary received a ‘voluntary action indicated’ (VAI) status from the US Food and Drug Administration (US FDA).
Jubilant Pharmova Limited’s wholly owned subsidiary, Jubilant Pharma Limited, disclosed that its generics arm, Jubilant Generics Limited (JGL), received communication from the USFDA regarding the inspection classification of its solid dosage manufacturing facility in Roorkee, India. The regulatory agency determined the inspection classification of the facility as Voluntary Action Indicated (VAI) following its audit conducted from January 25 to February 2.
The VAI classification indicates that the facility is considered to be in an acceptable state of compliance with current good manufacturing practices (cGMP). Consequently, the FDA has concluded that the inspection is closed.
In February, the US FDA had issued four observations for JGL’s solid dosage formulations facility at the Roorkee site.
Additionally, the company informed that its subsidiary, Jubilant Cadista Pharmaceuticals Inc., USA, has decided to cease manufacturing operations at its solid dosage formulation facility in Salisbury, Maryland, USA, effective June 17, 2024. The facility manufactures tablets and capsules for the US market and has the capacity to serve 1.5 billion doses.
Due to significant pricing pressure in the US generics market since FY2022, Jubilant Cadista has incurred substantial losses. To improve profitability, the company plans to transition from in-house manufacturing to outsourced manufacturing by selected US FDA-approved CMOs for the US market.
With the change in status of JGL’s Roorkee facility by the USFDA to VAI, Jubilant Pharmova anticipates a gradual increase in exports from the facility to the US market. Currently, the facility exports only one product, Risperidone, to the US market.
These strategic actions are expected to enhance the gross margins of the Generics business by reducing manufacturing, quality management, and overhead costs, ultimately driving the business towards profitability. Additionally, the Generics business aims to increase revenues in the US market through the launch of new products.
JSW Energy: JSW Energy Surges 3% as Subsidiary Receives Approval for Recovery from TN Discom
The JSW energy winning from Arbitration against TANGEDCO and receiving Rs.120cr from TANGEDCO along with 9% interest due to wrongful encashment from this company. JSW Energy company MD Said Company is now focussing on Solar, Wind and Battery related energy manufacturing to Publics.
JSW Energy Market Price has broken Ascending channel in Upside
JSW Energy witnessed a nearly 3 percent surge in its share price on the day following the announcement that its subsidiary had been granted a favorable arbitration award for recovery from Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO).
According to an exchange filing made on April 17, JSW Energy disclosed that the Arbitral Tribunal had issued an award in favor of its subsidiary, Ind-Barath Energy (Utkal) Limited (IBEUL), pertaining to disputes arising from the Power Purchase Agreement with TANGEDCO. The award, dated August 8, granted IBEUL’s claim for recovery of Rs 120 crore from TANGEDCO, along with 9 percent interest from the date of wrongful encashment of performance bank guarantee by TANGEDCO until the entire amount is paid. Additionally, the Tribunal dismissed TANGEDCO’s counterclaim for recovery of Rs 118 crore as penalty and Rs 200 crore towards termination charges.
Furthermore, in a recent interaction with Moneycontrol, JSW Energy’s joint managing director and chief financial officer, Sharad Mahendra, along with chief financial officer and director (finance), Pritesh Vinay, revealed the company’s plans for backward integration. They expressed intentions to venture into manufacturing wind and solar power equipment to mitigate risks associated with supply chain disruptions. Additionally, the company is exploring opportunities in battery storage manufacturing as part of its growth plans.
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