Indoco Remedies shares soar 19% on USFDA nod for Goa plant

Shares of Indoco Remedies surged 19% on Tuesday after the company received an approval from the US Food and Drug Administration (USFDA) for its solid dosages manufacturing facility at Goa.

The scrip soared 17.44% to Rs 314 on the BSE. On the NSE, shares of the company jumped 19% to Rs 314.40.

"We have received the Establishment Inspection Report (approval) from the USFDA for the solid dosages manufacturing facility at Goa (Plant I), thereby confirming the closure of inspection in October, 2015," the firm had said in a statement on Monday.

"The approval by USFDA for the solid dosages facility re-confirms Indoco's quality commitment to patient care", the company's Managing Director Aditi Kare Panandikar said.

The plant has the capacity to manufacture 2.2 billion tablets, 32 million bottles of liquid orals, 16 million tubes of creams and ointments and 60 million capsules of hard gelatin, it said.