Windlas Biotech stock soars 18% in stock market crash, here’s why
Shares of Windlas Biotech soared more than 18% in a stock market crash today after the company concluded its EU GMP inspection carried out by Hungary’s National Institute of Pharmacy and Nutrition for the plant IV located in Dehradun without any critical sightings. The company had undergone this inspection from April 11 to April 13, 2022.
Windlas Biotech is one of the leading national Pharmaceutical Formulation Development and Manufacturing (CDMO) organizations in India.
The stock opened 4.13% higher at Rs 246 against the previous close of Rs 236.25 on BSE. Shares of Windlas Biotech soared another 18.52% to Rs 280.
The stock is trading above the 5-day, 20-day, 50-day and 100-day moving averages, but below the 200-day moving averages. The stock lost 3.64% in 2022. However, it gained 10.37% in one week.
The share of micro-caps gained after 2 consecutive days of decline. A total of 0.28 lakh of the company’s shares changed hands, representing a turnover of Rs 75.56 lakh on BSE. The company’s market cap rose to Rs 579.62 crore on BSE.
The stock reached a 52-week high at Rs 452.10 on August 16, 2021 and a 52-week low at Rs 208.90 on March 31, 2022.
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Hitesh Windlass, Managing Director of Windlas Biotech, said, “Based on our preliminary discussion with the agency during the wrap-up meeting, we believe there are no critical observations and no deficiencies, including no observation related to the data integrity issue.An inspection report will be issued by the agency within 30 days of the completion of the inspection.The successful completion of this inspection will allow the company to explore new avenues of geographical expansion and to strengthen its presence in the entire European market.”
Last week, the company said it had received a Good Manufacturing Practices (GMP) certificate from SAHPRA (South African Health Products Regulatory Authority). The company had undergone the inspection audit from September 20 to September 29, 2021.
For the quarter ended December 2021, the company recorded a 32.30% decline in its standalone net profit to Rs 8.32 crore from a profit of Rs 12.29 crore in the corresponding period last year .
Sales rose 0.33% to Rs 117.59 crore in the third quarter from Rs 117.20 crore in the same period last year. Operating profit excluding other income came in at Rs 13.05 crore, down 25% in the third quarter from Rs 17.39 crore in the December 2020 quarter.
Windlas Biotech provides a full range of CDMO services ranging from product discovery, product development, licensing and commercial manufacturing of generic products, including complex generics, in accordance with current good manufacturing practices in focusing on improving safety, efficiency and cost.