Caplin Point shares jump 15%, hit 52 week high. Here's why
Caplin Point Laboratories surged 15% to hit a fresh 52-week high of Rs 1,818 on the NSE after the company informed exchanges about nil observations by the Brazilian health regulator during an inspection at its Chennai -based unit.
Brazilian Health Regulatory Agency (Anvisa) conducted an inspection of Caplin Steriles’ injectable and ophthalmic manufacturing facility located at Gummidipoondi between August 12 and 16 and concluded with zero observations.
“It is indeed gratifying to have two back to back audits with Zero observations. We remain steadfast in our commitment to maintaining the highest levels of quality compliance at all our sites. Brazil is an important part of our expansion plans in Latin America and this clearance opens the door to the largest market in that geography,” a company filing said quoting its Chairman C C Paarthipan.
The company with a market capitalisation of Rs 13,604.57 crore has delivered returns of 74% over the past 12 months, outperforming sectoral index Nifty Pharma which has given returns of 45% in this period. At the same time, the broader Nifty index has given returns of 27%.
In 2024 so far, Caplin Point's returns stand at 33%.
In the quarter ended June 30, 2024, the company posted a 3% year-on-year growth in its revenue at Rs 207.1 crore versus Rs 200.9 crore reported in the year-ago period. The revenue was down 5% on the YoY basis to Rs 72.5 crore reported in Q1FY24.
The stock is trading above its 50-day and 200-day simple moving averages (SMAs) of Rs 1,481.6 and Rs 1,369,
