Piramal Pharma’s shares rose 10.2% on BSE after the US FDA concluded its inspection at the company’s Sellersville manufacturing facility. The inspection was conducted between December 19, 2022, and January 13, 2023, and an Establishment Inspection Report has been issued. Despite recent losses due to high operating expenses, the contract development and manufacturing services (CDMO) business, which constitutes roughly 59% of revenues, saw 11% YoY growth to Rs 1021 crore. Five analysts have given the stock a strong buy recommendation with an average target price of Rs 129.
