Shares of Wockhardt climbed 3.4 per cent on Wednesday at its day's high of Rs 1,748 after its Chikalthana plant in Maharashtra received a good manufacturing practice (GMP) certificate from the UK health regulator.
The UK regulator had in October 2013 withdrawn the certificate to the Chikalthana plant and had also initiated recall of five prescription medicines from there.
However, the Chikalthana plant continues to be under US regulator's import alert. In November 2013, US Food and Drug Administration had imposed restrictions on import of medicines produced at the company's Chikalthana plant due to non-compliance of good manufacturing practice.
Analysts say that if the Chikalthana facility is approved by the US regulator, it will be a key upside trigger for the stock. The plant is key for Wockhardt. The company had in 2013 said it would take an annual hit of $100 million due to the US import alert.
Wockhardt shares ended 0.70 per cent higher at Rs 1,702.50. (With Agency Inputs)
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