Shilpa Medicare Shares Surge After Health Canada GMP Approval

Shares of Shilpa Medicare Ltd. surged on getting approval for the commercial distribution of products in Canada.

The approval was granted by the Health Canada GMP following its inspection of the company's facility from Sep. 12 through Sep. 16, enabling new application submission to Health Canada.

The facility is involved in the manufacturing, packaging, labeling and testing of finished dosage forms including sterile injections and oral solids for the treatment of cancer and adjuvant therapy

Shares of the company jumped 10.07% to Rs 307.90 apiece as of 11:15 a.m., while the benchmark Nifty 50 gained 0.43% on Thursday. The total traded quantity is 23.4 times the 30-day average.

Of the 2 analysts tracking the company, 1 maintains 'buy' and one suggests 'hold', according to Bloomberg data. The 12-month consensus price target implies a downside of 4.5%.