Dr Reddy's gains 3% on strong Q2 numbers

Dr Reddy's Laboratories has gained nearly 3% at Rs 1,641 after the company reported a 7% jump in consolidated net profit at Rs 307.8 crore for the quarter ended September 30, compared to Rs 286.7 crore in the corresponding quarter last year. The drugmaker benefited from healthy growth in sales, driven by global businesses, led by North American and Russian markets.

Revenues grew 21% to Rs 2,267.9 crore from Rs 1,870.4 crore in the corresponding previous quarter. “This quarter presents pretty good numbers with growth in sales and Ebitda in line with each other," P Satish Reddy, managing director and chief operating officer of Dr Reddy’s, said.

Meanwhile, the company, on Tuesday, announced the final approval of its olanzaine 20 mg tablets, the generic version of Eli Lilly's Zyprexa, from the US Food and Drug Administration (USFDA). The durg is used for treating dementia.

The scrip opened at Rs 1,610.5 and has, so far, touched the day's high at Rs 1,674. Around 133,166 shares had changed hands on the NSE counter, till 1026 hours.