The company made the announcement before market hours today, 14 November 2008.

Meanwhile, the BSE Sensex was down 87.17 points, or 0.89%, to 9451.11.

On BSE, 32,788 shares were traded in the counter. The scrip had an average daily volume of 62,906 shares in the past one quarter.

The stock hit a high of Rs 604.45 and a low of Rs 571 so far during the day. The stock had a 52-week high of Rs 780 on 10 October 2008 and a 52-week low of Rs 429.90 on 22 January 2008.

The stock had outperformed the market over the past one month till 12 November 2008, declining 2.22% as compared to the Sensex's 9.42% decline. It had also outperformed the market in the past one quarter, falling 18.88% as compared to the Sensex's fall of 37.31%.

The mid-cap drug maker has an equity capital of Rs 82.79 crore. Face value per share is Rs 10.

The current price of Rs 589.95 discounts its Q2 September 2008 annualised EPS of Rs 64.13, by a PE multiple of 9.19.

The US Food and Drug Administration (USFDA) has found 15 manufacturing deficiencies at one of Lupin's plant in Madhya Pradesh (MP) during the course of a two-week inspection which concluded on Wednesday (11 November 2008). The company said it had already addressed eight of the observations made by FDA and would move quickly on the others.

A complete response to all the observations will be submitted to FDA expeditiously, Lupin said in a statement. The outcome of this inspection does not affect the supply of the products manufactured at the facility to market across the world, or the approvability of pending applications with the US FDA, it further added.

Lupin's net profit rose 11.7% to Rs 131.94 crore on a 8% rise in sales to Rs 771.47 crore in Q2 September 2008 over Q2 September 2007.

Lupin is engaged in manufacturing active pharmaceutical ingredients and formulations.