Dr Reddy's Lab hits record high

Dr Reddy's Laboratories rose 2.75% to Rs 2912 at 11:03 IST on BSE, with the stock extending Wednesday's gains triggered by the firm launching Sumatriptan Injection USP, Autoinjector System 6 mg/0.5 ml, for subcutaneous use in the US market.

Meanwhile, the S&P BSE Sensex was up 61.08 points or 0.29% at 21,048.07.

On BSE, so far 15,000 shares were traded in the counter as against average daily volume of 15,781 shares in the past one quarter.

The stock hit a high of Rs 2939.80 so far during the day, which is a record high for the counter. The stock hit a low of Rs 2870 so far during the day. The stock had hit a 52-week low of Rs 1,720.50 on 1 March 2013.

The stock had outperformed the market over the past one month till 26 February 2014, advancing 6.52% compared with the Sensex's 0.69% fall. The scrip had also outperformed the market in past one quarter, jumping 17.72% as against Sensex's 2.75% rise.

The large-cap company has equity capital of Rs 85.05 crore. Face value per share is Rs 5.

Shares of Dr Reddy's Laboratories (Dr Reddy's) have risen 4.97% in two trading sessions from a recent low of Rs 2773.90 on 25 February 2014 after the company after market hours on 25 February 2014 said it has launched Sumatriptan Injection USP, Autoinjector System 6 mg/0.5 ml, for subcutaneous use in the US market. The stock had risen 2.16% to settle at Rs 2833.95 on Wednesday, 26 February 2014. The stock market was closed on Thursday, 27 February 2014, on account of Mahashivratri.

Dr Reddy's said it has launched Sumatriptan Injection USP, Autoinjector System 6 mg/0.5 ml, for Subcutaneous use, a therapeutic equivalent generic version of IMITREX STATdose Pen (Sumatriptan succinate) 6 mg/0.5 ml in the US market on 25 February 2014, following the approval by the United States Food and Drug Administration (USFDA).

The IMITREX STATdose Pen (Sumatriptan succinate) brand and generic combined had US sales of approximately $169 million for the most recent twelve months ended December 2013 according to IMS Health data.

Dr Reddy's Sumatriptan Injection USP, Autoinjector System 6 mg/0.5 ml is available in a carton containing 2 single-dose prefilled syringes.

Dr Reddy's Laboratories' consolidated net profit surged 70.2% to Rs 618.42 crore on 23.3% growth in net sales to Rs 3533.76 crore in Q3 December 2013 over Q3 December 2012.

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 active pharmaceutical ingredients (APIs), custom pharmaceutical services, generics, biosimilars and differentiated formulations.

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