Views on Cadila Healthcare - USFDA update - Angel Broking

Ms. Sarabjit Kour Nangra (VP Research - Pharma, Angel Broking) on Cadila Healthcare - USFDA update:

"Company's Moraiya manufacturing facility has received an Establishment Inspection Report (EIR) from the USFDA. This receipt of EIR only indicates closure of the inspection points (483s) raised based on the inspection carried out between August 28, 2014 and September 05, 2014. What is "closed" is the initial review that resulted in the warning letter issuance. Though this is a positive step towards the resolution of the warning letter issued by the USFDA, it does not in itself indicate resolution of the warning letter. The company is in constant follow up with the USFDA for resolution of the warning letter. The development is in the positive direction and though we are not changing our estimates, we maintain our BUY rating on the stock with a price target of INR 400."

Shares of CADILA HEALTHCARE LTD. was last trading in BSE at Rs.359.3 as compared to the previous close of Rs. 342.8. The total number of shares traded during the day was 602364 in over 13590 trades.

The stock hit an intraday high of Rs. 364 and intraday low of 344.8. The net turnover during the day was Rs. 214735848.

Source : Equity Bulls

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