Dr. Reddy's Lab drops on profit booking

Dr. Reddy's Laboratories lost 0.82% to Rs 1,921.90 at 11:35 IST on BSE, with the stock sliding on profit booking after 3-day 5.61% rally.

Meanwhile, the S&P BSE Sensex was up 99.06 points or 0.54% at 18,536.84.

On BSE, 5,845 shares were traded in the counter as against average daily volume of 29,557 shares in the past one quarter.

The stock hit a high of Rs 1,945 and a low of Rs 1,877 so far during the day. The stock had hit a 52-week low of Rs 1,528 on 19 June 2012. The stock had hit a record high of Rs 1,968.60 on 25 January 2013.

The stock had outperformed the market over the past one month till 8 April 2013, surging 6.55% compared with the Sensex's 6.33% fall. The scrip had also outperformed the market in past one quarter, rising 1.58% as against Sensex's 6.61% fall.

The large-cap company has equity capital of Rs 84.91 crore. Face value per share is Rs 5.

Shares of Dr. Reddy's Laboratories had surged 5.61% in three trading sessions to settle at Rs 1,937.80 on Monday, 8 April 2013, from a recent low of Rs 1,834.85 on 3 April 2013, after the company during trading hours on 4 April 2013, said it has launched Zoledronic Acid Injection (5 mg/100 ml), therapeutic equivalent generic version of Reclast (Zoledronic acid) Injection 5 mg/100 ml in the US market on 3 April 2013, following the approval by the United States Food and Drug Administration (USFDA) of the company's abbreviated new drug application (ANDA) for Zoledronic Acid Injection (5 mg/100 ml).

According to IMS Health data, the Reclast brand had annual sales of approximately $355 million in the United States for the twelve months ended February 2013, Dr. Reddy's said. Dr. Reddy's Zoledronic Acid Injection (5 mg/100 ml) is available in a single use vial for intravenous infusion, Dr. Reddy's said in a statement.

Dr. Reddy's Laboratories' consolidated net profit declined 29.2% to Rs 363.31 crore on 3.5% growth in net sales to Rs 2865.16 crore in Q3 December 2012 over Q3 December 2011. The company announces FY 2013 results on 14 May 2013.

Dr. Reddy's Laboratories is an integrated global pharmaceutical company. Through its three businesses -- Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products -- Dr. Reddy's offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars, differentiated formulations and NCEs. Therapeutic focus is on gastro-intestinal, cardiovascular, diabetology, oncology, pain management, anti-infective and pediatrics. The company's major markets include India, USA, Russia and CIS, Germany, UK, Venezuela, S. Africa, Romania, and New Zealand.

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