Dr Reddy & #39;S Labs Plans To Split Stocks On July 31

Dr Reddy's Laboratories is going for stock split. The board of directors of the company is scheduled to meet on July 31 to take a decision on this along with the adoption of unaudited financial results for the quarter ended June 2001.

The board will also consider the issue of shares under the employees stock options scheme.

A senior official of Dr Reddy's said the idea of going for stock-split is to align the equity shares listed on the Indian stock exchanges with the American depositary shares (ADS) of the company.

Each ADS of the company represents one-half equity share. Going by this, it is likely that the face value of the company's equity shares with a current face value of Rs 10 will be split into two.

"The proposal to go for stock split is also keeping in mind the interests of the small shareholders and to make it more affordable to them," the source said.

US survey shows good acceptance for Fluoxetine

A survey of 100 pharmacies in the US by Leerink Swan & Co has concluded that Dr Reddy's Fluoxetine 40 mg capsules are likely to get a good response when they are introduced in the US market through Pharmaceutical Resources Inc next month.

The survey found greater-than-expected acceptance and nearly double-than-expected sales of 40 mg capsules of Fluoxetine, the generic version of Eli Lilly & Co's blockbuster drug Prozac.

This was reported by Dow Jones Newswires. Dr Reddy's had already signed agreement with Pharmaceutical Resources Inc, for marketing the Fluoxetine 40 mg capsules in US.