Granules India shares in focus after US FDA flags observation at Telangana API facility
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Shares of Granules India will be in focus on Monday after the company announced that its active pharmaceutical ingredient (API) facility in Telangana has received an observation from the US Food and Drug Administration (FDA) under Form 483.In a stock exchange filing, Granules India said the FDA completed an inspection at its API Unit-1 facility in Bonthapally, Sangareddy district, last week.According to the FDA, Form 483 observations are issued when investigators observe practices or conditions that may potentially violate the Food, Drug and Cosmetic Act. However, a Form 483 does not constitute a final determination of non-compliance by the agency.Granules India said it will respond to the observation within the stipulated time.The Bonthapally site is Granules India's largest API manufacturing facility for paracetamol. It also houses production units for Metformin and Guaifenesin APIs, the company said.According to Trendlyne, the average analyst target price for Granules India is Rs 622, indicating an upside potential of about 28% from current levels. Of the 8 analysts tracking the stock, the consensus rating is 'Strong Buy'.On the technical front, the Relative Strength Index (RSI) stands at 40.4, suggesting neutral to slightly bearish momentum. The stock continues to trade below its 20-day, 50-day, 100-day, and 200-day simple moving averages (SMAs), indicating continued pressure.Granules India shares have declined around 19% year-to-date, but the stock has delivered a 66% return over the past two years. The company's market capitalisation currently stands at approximately Rs 11,808 crore.: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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