Shares of IPCA Laboratories opened at Rs 984.60, almost 1% higher on 31 October despite the company received an EIR (Establishment Inspection Report) from the USFDA (US Food and Drug Administration).

In its regulatory filing, the company said that the Pithampura, Madhya Pradesh unit had received a VAI (voluntary action indicated) that signifies that the facility is considered to be in a minimally acceptable state of compliance with regard to the current good manufacturing practice.

An inspection was conducted by the regulator between 15 June and 23 June, and issued Form 483 with eight observations.

According to media outlet CNBC-TV18, the unit did not have scientifically sound and appropriate test procedures and procedures applicable to the quality control unit were not being followed fully.

The company is set to announce its quarterly earnings for July-September on 10 November.

At 11:01 am, the shares of IPCA Laboratories were trading 0.98% above at Rs 989.40 on NSE.