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Dr Reddy's gains after USFDA clearance for plant

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Dr Reddy's Laboratories rose 1.75% to Rs 2,674.05 at 9:16 on after the company said it has received Establishment Inspection Report from the US drug regulator for its Miryalaguda API unit.

The announcement was made after market hours yesterday, 13 June 2017.

Meanwhile, the S&P Sensex was up 33.94 points or 0.11% at 31,137.43.

On the BSE, 5,398 shares were traded on the counter so far as against the average daily volumes of 37,000 shares in the past two weeks. The stock had hit a high of Rs 2,681 and a low of Rs 2,661.15 so far during the day. The stock had hit a 52-week high of Rs 3,689 on 20 July 2016 and a 52-week low of Rs 2,382.05 on 29 May 2017.

Dr Reddy's Laboratories (DRL) said that it has received Establishment Inspection Report (EIR) from the United States Food and Drug Administration on 13 June 2017 after closure of audit for the company's API manufacturing plant at Miryalaguda. This unit was inspected by the USFDA in February 2017 and DRL was issued form 483 with three observations.

Dr Reddy's Laboratories' consolidated net profit rose 175.4% to Rs 337.60 crore on 5.4% decline in net sales to Rs 3554.20 crore in Q4 March 2017 over Q4 March 2016.

Dr Reddy's Laboratories is an integrated global pharmaceutical company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 14 2017. 09:16 IST