Dr Reddy's in pink of health after USFDA clears facility

Dr Reddy's Laboratories gained 4.12% to Rs 2,408.95 at 11:05 IST on BSE after the company said that it has received an Establishment Inspection Report from the US drug regulator, for its Formulation Srikakulam Plant (SEZ) Unit II, Andhra Pradesh.

The announcement was made during market hours today, 21 September 2017.

Meanwhile, the S&P BSE Sensex was down 126.58 points, or 0.39% to 32,273.93.

More than usual volumes were witnessed on the counter. On the BSE, 1.53 lakh shares were traded in the counter so far, compared with average daily volumes of 61,905 shares in the past one quarter. The stock had hit a high of Rs 2,466.40 and a low of Rs 2,336 so far during the day. The stock had hit a 52-week high of Rs 3,394.95 on 28 October 2016. The stock had hit a 52-week low of Rs 1,901.65 on 11 August 2017.

The stock had outperformed the market over the past one month till 20 September 2017, rising 16.68% compared with 2.78% gain in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 13.35% as against Sensex's 3.52% rise. The scrip had also underperformed the market in past one year, dropping 26.75% as against Sensex's 13.59% upmove.

The large-cap company has equity capital of Rs 82.93 crore. Face value per share is Rs 5.

On 25 May 2017, Dr Reddy's Laboratories had said that the United States Food & Drug Administration (USFDA) completed the audit of its formulations Srikakulum plant (SEZ) unit II, in Andhra Pradesh on 25 May 2017 with zero observations.

On a consolidated basis, Dr Reddy's Laboratories' net profit declined 56.6% to Rs 66.60 crore on 2.5% rise in net sales to Rs 3315.90 crore in Q1 June 2017 over Q1 June 2016.

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

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