Alembic Pharma drops 2% on USFDA 4 | Macrotech Developers shares scale new all-time high

Macrotech Developers shares scale new all-time high after Rs 3,330-cr fundraise

Prominent names like Rajiv Jain's GQG Partners, Invesco Developing Markets Fund and Stitching Depositary APG Emerging Markets Equity Pool participated in Marcotech Developers' QIP.

Shares of Macrotech Developers surged around 4 percent in opening trade on March 11 and hit a fresh record high of Rs 1,277.90 after the company raised Rs 3,300 crore through qualified institutional placement (QIP).

At 10.06 am, shares of Macrotech Developers were trading off the day's high at Rs 1,195 on the NSE.

The news of the company raising funds through the QIP route had pushed the stock to record high in the previous session as well. However, profit booking soon crept in, pushing the stock to close in the red territory.

However, sentiment around the fund raise remained upbeat as prominent names like Rajiv Jain's GQG Partners, Invesco Developing Markets Fund and Stitching Depositary APG Emerging Markets Equity Pool participated in the QIP.

Invesco Developing Markets Fund was allotted the most shares via this QIP at 21.4 percent of the total issue size, followed by GQG Partners with 11.2 percent of the QIP issue, and Stitching Depositary APG Emerging Markets Equity Pool  with 9 percent of the QIP issue.

The company plans to use the proceeds from the fund raise to repay debt, acquire land and cover other expenses.

The latest QIP also marks the fourth round of fund raise for the company in the last three years. The real estate developer has raised over Rs 13,000 crore through the four fund raises.

Alembic Pharma drops 2% on USFDA 4 observations for Gujarat facility

The US drug regulator had inspected Alembic Pharma's oncology formulations (injectable and oral solid) unit at Panelav in Gujarat from February 28 to March 8

Shares of Alembic Pharmaceuticals fell 2 percent in the early trade on March 11 after the US Food and Drug Administration (US FDA) issued a Form 483 with four observations for the drugmaker's Gujarat plant.

The four observations issued are procedural in nature. The US drug regulator inspected the oncology formulations (injectable and oral solid) unit at Panelav from February 28 to March 8.

The drugmaker said that it would provide a comprehensive response to the FDA within the stipulated period.

At 9.31 am, Alembic Pharma was trading at Rs 988 on the NSE. Over the past three months, shares of the drugmaker have delivered returns of around 29 percent, buoyed by the company's strong performance in Q3.

The drugmaker reported a net profit of Rs 180.45 crore in the December quarter, up 48 percent from Rs 121.92 crore clocked in the year-ago period. Moreover, its revenue rose around 8 percent on year to Rs 1,630.57 crore during the same quarter.

The strong quarterly performance was aided by the company's robust performance in the India and US market. Easing price erosion, new product launches and waning impact of high-cost inventories helped the company's US revenues which contributed 29 percent of its total sales.

The India branded business was underpinned by a continued incremental improvement in core operations. The speciality and animal health segments continued its strong performance; whereas the acute performance was relatively satisfactory despite challenging market conditions," said Alembic Pharmaceuticals MD Shaunak Amin.

Source: Money Control