Subsequently, the Goa facility has received a warning letter from the United States Food and Drug Administration (USFDA) on 17 December 2024. The facility was inspected from 16 July to 26 July 2024. The company stated that it remains committed to work closely with the USFDA and continues to enhance its compliance on an ongoing basis. 'We will work with the USFDA to resolve these issues at the earliest. We uphold quality and compliance issues with utmost importance and remain committed to be compliant with CGMP quality standards across our facilities. We continue to supply products from the above-mentioned Facility to meet our obligations to our customers and the patients in the United States of America,' stated the firm in a regulatory filing. Indoco Remedies is engaged in the manufacturing and marketing of Formulations (finished dosage forms) and active pharmaceutical ingredients (APIs). The pharmaceutical company's standalone net profit declined 61.40% to Rs 12.79 crore on 15.18% slide in revenue from operations to Rs 394.58 crore in Q2 FY25 over Q2 FY24.Powered by Capital Market - Live

Under this collaboration, Indoco will launch around 20 products in the UK over the next 18 months through Clarity Pharma, which will serve as its distributor. The company will continue to supply all the products under the existing B2B partnership to its clients. Aditi Panandikar, managing director of Indoco Remedies, said, 'This collaboration with Clarity Pharma is a significant milestone for Indoco, as this will further strengthen our foothold in the UK pharma market. By combining Indoco's robust portfolio of high-quality, affordable pharmaceutical products with Clarity Pharma's strong distribution network and market expertise, we are poised to deliver innovative healthcare solutions to a broader patient base.' Steve Soper, CEO of Clarity Pharma, said, 'Today is the beginning of a truly exciting journey between Indoco and Clarity and is the result of several years' hard work in putting this market access project together. The range of Indoco products is exciting and extensive and will deliver significant savings to the market once launched. We look forward to a bright future of collaboration, growth, and making a difference in the affordability of a wide range of medicines.' Clarity Pharma has over 25 years of experience in bringing products to market and now services over 4,000 primary healthcare customers. Meanwhile, Indoco said that it has received a GST show cause notice of Rs 15.51 crore from Deputy Commissioner Malkajgiri Division Hyderabad Commercial Tax Department Telangana. As part of the GST audit, the company has received a show cause notice under Section 73(1) in Form GST DRC-01, mentioning an excess claim of ITC. The notice requests supporting documentation for credit notes and a GSTR-9C reconciliation. Indoco is a fully integrated, research-oriented pharmaceutical company. The company has 11 manufacturing facilities, 7 for FDFs and 4 for APIs, supported by an R&D Centre and a CRO facility. The pharmaceutical company's standalone net profit declined 61.40% to Rs 12.79 crore on 15.18% slide in revenue from operations to Rs 394.58 crore in Q2 FY25 over Q2 FY24.Powered by Capital Market - Live

The headline equity benchmarks traded with modest gains in morning trade. The Nifty traded above the 24,350 mark. PSU bank shares advanced after declining in the past two consecutive trading sessions. At 10:27 IST, the barometer index, the S&P BSE Sensex rose 361.68 points or 0.44% to 80,599.10. The Nifty 50 index gained 103.75 points or 0.43% to 24,379.80. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.73% and the S&P BSE Small-Cap index rallied 0.94%. The market breadth was strong. On the BSE, 2,669 shares rose and 930 shares fell. A total of 184 shares were unchanged. Buzzing Index: The Nifty PSU Bank index jumped 2.10% to 6,943.45. The index shed 0.68% in past two consecutive trading sessions. Union Bank of India (up 3.06%), Canara Bank (up 2.93%), Bank of Baroda (up 2.51%), Punjab National Bank (up 2.07%), UCO Bank (up 2.06%), Indian Overseas Bank (up 2%), Punjab & Sind Bank (up 2%), Bank of India (up 1.96%), Central Bank of India (up 1.93%) and State Bank of India (up 1.80%) advanced. Stocks in Spotlight: Indoco Remedies jumped 5.28% after the company announced strategic collaboration with Clarity Pharma, UK to launch around 20 products over the next 18 months through Clarity Pharma, its distributor in the UK. Torrent Power rallied 4.24% after the company's board approved to raise funds though qualified insituitional placement (QIP) to pare debt. The floor price for QIP has been set at Rs 1,555.75 per share. The company may, at its discretion, offer a discount of not more than 5% on the floor price calculated for the issue. E2E Networks advanced 1.51% after the company has entered into arrangement with Larsen & Toubro for capacity expansion for its data center facilities. The additional capacity will help the Company to cater the demand of fast-growing demand of Company's GPU and other services. Powered by Capital Market - Live

Net loss of Indoco Remedies reported to Rs 9.57 crore in the quarter ended September 2024 as against net profit of Rs 35.08 crore during the previous quarter ended September 2023. Sales declined 9.06% to Rs 430.66 crore in the quarter ended September 2024 as against Rs 473.58 crore during the previous quarter ended September 2023. ParticularsQuarter EndedSep. 2024Sep. 2023% Var. Sales430.66473.58 -9 OPM %9.3515.07 - PBDT23.9867.69 -65 PBT-4.8446.28 PL NP-9.5735.08 PL Powered by Capital Market - Live

Revenue from operations decreased by 15.18% year on year (YoY) to Rs 394.58 crore in the quarter ended 30 September 2024. Profit before tax in Q2 FY25 was at Rs 17.38 crore, declining 60.52% as against Rs 44.03 crore reported in Q2 FY24. Total expenses fell 15.59% YoY to Rs 363.35 crore in Q2 FY25. Cost of materials consumed was at Rs 80.38 crore in Q2 FY25 (down 34.53% YoY) and employee benefit expenses stood at Rs 87.30 crore in Q2 FY25 (down 3.02% YoY) during the quarter. EBIDTA stood at Rs 5.29 crore in the second quarter of FY25, down 26.93% from Rs 7.24 crore posted in Q2 FY24. EBIDTA margin reduced to 13.4% in Q2 FY25 as compared to 15.6% recorded in the same period a year ago. Aditi Panandikar, MD, Indoco Remedies said, 'While a good performance by our domestic formulation business helped grow revenues, supply constraints have impacted the performance of the international formulation business. Some of the sites supplying to US and Europe are under structured shutdowns to increase efficiency.' Indoco Remedies is engaged in the manufacturing and marketing of Formulations (finished dosage forms) and active pharmaceutical ingredients (APIs). Powered by Capital Market - Live

Indoco Remedies will hold a meeting of the Board of Directors of the Company on 24 October 2024.Powered by Capital Market - Live

The key equity indices traded with minor gains in early trade. The Nifty traded above the 25,000 level. Metal, IT and bank shares advanced while media, FMCG and pharma shares declined. At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 255.51 points or 0.32% to 81,642.10. The Nifty 50 index rose 80.50 points or 0.32% to 25,044.75. In the broader market, the S&P BSE Mid-Cap index shed 0.07% and the S&P BSE Small-Cap index rose 0.12%. The market breadth was strong. On the BSE, 1,859 shares rose and 1,234 shares fell. A total of 153 shares were unchanged. Foreign portfolio investors (FPIs) sold shares worth Rs 4,162.66 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,730.87 crore in the Indian equity market on 11 October 2024, provisional data showed. According to NSDL data, FPIs have sold shares worth over Rs 62,616.18 crore (so far) in the secondary market during October 2024. This follows their purchase of shares worth Rs 46,552.40 crore in September 2024. Economy: India's forex reserves dropped by $3.709 billion to $701.176 billion for the week ended October 4, the RBI said on Friday. In the previous reporting week, the reserves had jumped by $12.588 billion to an all-time high of $704.885 billion. The foreign currency assets, a major component of the reserves, decreased by $3.511 billion to $612.643 billion, the data released on Friday showed. Gold reserves decreased by $40 million to $65.756 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by $123 million to $18.425 billion. India's reserve position with the IMF was down by $35 million to $4.352 billion in the reporting week, the apex bank data showed. Stocks in Spotlight: Indoco Remedies fell 0.40%. The company announced that the USFDA inspected its facilities in Goa in July. Following the inspection, the USFDA classified the facility as Official Action indicated, indicating that there are significant compliance issues that may lead to regulatory or enforcement actions until they are resolved. JSW Energy rose 0.70%. The company's unit has signed an energy storage facility agreement with the Maharashtra State Electricity Distribution Company to procure 1,500 MW/12,000 MWh of pumped hydro energy storage. Numbers to Track: The yield on India's 10-year benchmark federal paper advanced 1.41% to 6.884 as compared with previous close 6.788. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.0675, compared with its close of 84.1050 during the previous trading session. MCX Gold futures for 4 December 2024 settlement shed 0.13% to Rs 76,206. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 103.01. The United States 10-year bond yield gained 0.84% to 4.106. In the commodities market, Brent crude for December 2024 settlement lost 81 cents or 1.02% to $78.23 a barrel. Global Markets: Asian stocks traded higher on Monday, while Chinese market experienced volatility following Beijing's announcement of fiscal stimulus measures. While the stimulus plans were welcomed, concerns over their scope and timing tempered enthusiasm. China's finance ministry detailed plans for increased government debt issuances and support for provincial governments. However, the lack of specific details, particularly regarding the scale and timing of the measures, caused some disappointment. Analysts expressed concerns about the potential for a significant increase in government debt. Economic data from China highlighted ongoing weakness. China's consumer price index (CPI) rose 0.4% from a year earlier last month, against a 0.6% rise in August. CPI was unchanged month-on-month, versus a 0.4% gain in August and below an estimated 0.4% increase. Meanwhile, the producer price index (PPI) fell 2.8% year-on-year in September, versus a 1.8% decline the previous month. Asian markets drew support from the positive performance of US stocks on Friday. The S&P500 rose 0.61% to a record high of 5,815.03 points, while the Dow Jones surged nearly 1% to a record high of 42,863.86 points. The Nasdaq lagged, rising 0.3% to 18,342.94 points. Positive earnings from major banks helped investors look past questions over whether the Federal Reserve will cut interest rates in November. The Producer Price Index (PPI) for final demand in the US rose 1.8% on a yearly basis in September. This reading followed the 1.9% increase recorded in August. The US consumer price index for all urban consumers rise by 0.2% month on month (MoM) on a seasonally-adjusted basis in September, the same rise as in August and July. This week, investors will focus on additional third-quarter earnings reports and statements from Federal Reserve officials.Powered by Capital Market - Live

In a regulatory filing made after market hours on Friday, the pharmaceutical company informed that it has received the regulatory status from American drug regulatory for its facilities located at Goa Plant-II & III. This action from the US FDA follows the inspection conducted by USFDA in July 2024. The USFDA has determined that the inspection classification of this facility remains as 'Official Action Indicated' (OAI). The facility had been inspected by the USFDA in February 2023 and had received an OAI status in May 2023. Indoco is comprehensively working on the remedial action plan at the Facility which will be completed by Q3 2024,' the company said in a statement. Indoco had planned to inform USFDA for the inspection readiness post completion of the remedial action. However, USFDA had visited the Facility in July 2024, while the remedial action was still in progress. Hence, the compliance status of the Facility received as 'OAI' dated 10th October 2024, remains the same. Aditi Panandikar, managing director, said, 'We are working holistically towards meeting the expectations of the regulators and are committed to remain focussed on compliance to deliver products of high-quality standards. Indoco is a fully integrated, research-oriented pharmaceutical company. The company has 11 manufacturing facilities, 7 for FDFs and 4 for APIs, supported by an R&D Centre and a CRO facility. The company's consolidated revenue grew by 1.8% YoY to Rs 424.29 crore while the profit after tax declined by 89.3% YoY to Rs 2.62 crore in Q1 FY25 over Q1 FY24. The scrip shed 0.50% to currently trade at Rs 334.95 on the BSE. Powered by Capital Market - Live

Indoco Remedies has received regulatory status from U.S. Food and Drug Administration (USFDA), for its facilities located at Goa Plant-II & III, L-32,33,34, Verna Industrial Area, Verna, Goa, Goa 403722, India (Facility), following an inspection conducted by USFDA in July 2024. The USFDA has determined that the inspection classification of this Facility remains as 'Official Action Indicated' (OAI). The Facility had been inspected by the USFDA in February 2023 and had received an OAI status in May 2023. Indoco is comprehensively working on the remedial action plan at the Facility which will be completed by Q3 2024. Indoco had planned to inform USFDA for the inspection readiness post completion of the remedial action. However, USFDA had visited the Facility in July 2024, while the remedial action was still in progress. Hence, the compliance status of the Facility received as 'OAI' dated 10th October 2024, remains the samePowered by Capital Market - Live

Indoco Remedies (Indoco) announced the receipt of final approval from the USFDA for Abbreviated New Drug Application (ANDA) for Cetirizine Hydrochloride Tablets USP, 10 mg (OTC), a generic equivalent of the Reference Listed Drug, Zyrtec Allergy Tablets, 10 mg of Johnson & Johnson Consumer Inc. Cetirizine Hydrochloride Tablets USP, 10 mg will be manufactured by Indoco, at their manufacturing facility located at L-14, Verna Industrial Area, Verna, Goa - 403722 in India. Cetirizine is used for relief of symptoms of hay fever and other allergic conditions.Powered by Capital Market - Live