Dr Reddy's gains 4% as API Srikakulam plant gets USFDA clearance

The stock was up nearly 4% to Rs 2,010 on the BSE in early morning trade after the company said the US health regulator has completed the audit of its API Srikakulam plant (SEZ) with no observations.

Shares of Dr Reddy’s Laboratories were trading higher by nearly 4% at Rs 2,010 per share on the BSE in early morning trade after the company said the US health regulator has completed the audit of its API Srikakulam plant (SEZ) with no observations.

“The United States Food and Drug Administration (USFDA) audit of the company's API Srikakulam plant (SEZ) located in Andhra Pradesh has been completed with no observations,” Dr Reddy’s said in a regulatory filing.

Meanwhile, the Hyderabad-based drug major expects to launch over 15 products in the US market in 2018-19.

The company also remains optimistic for a double digit growth in the domestic market in the ongoing financial year; the PTI report suggested quoting top company official. CLICK HERE TO READ FULL REPORT

In past three months, Dr Reddy’s has underperformed the market by falling 10% as compared to 3.85% rise in the S&P BSE Sensex.

At 09:32 am; the stock was trading 3.3% higher against 0.145 gain in the benchmark index. A combined 304,023 equity shares changed hands on the counter on the BSE and NSE.