Dr Reddy's Lab recovers on bargain hunting

Dr Reddy's Laboratories rose 1.02% to Rs 2,815.95 at 14:31 IST on BSE, with the stock recovering on bargain hunting after recent slide.

Meanwhile, the S&P BSE Sensex was up 194.54 points or 0.91% at 21,471.40.

On BSE, so far 34,000 shares were traded in the counter as against average daily volume of 15,808 shares in the past one quarter.

The stock was volatile. The stock rose as much as 1.97% at the day's high of Rs 2,842.65 so far during the day. The stock rose 0.73% at the day's low of Rs 2,808 so far during the day. The stock had hit a record high of Rs 2,939.80 on 28 February 2014. The stock had hit a 52-week low of Rs 1,732.75 on 28 March 2013.

The stock had outperformed the market over the past one month till 5 March 2014, surging 7.35% compared with the Sensex's 5.01% rise. The scrip had also outperformed the market in past one quarter, jumping 15.52% as against Sensex's 1.52% rise.

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

Shares of Dr Reddy's Laboratories (Dr Reddy's) had declined 3.92% in three trading sessions to settle at Rs 2787.60 on Wednesday, 5 March 2014, from a recent high of Rs 2901.55 on 28 February 2014.

Dr Reddy's during trading hours on Wednesday, 5 March 2014, said it has launched Moxifloxacin Hydrochloride tablets, 400 milligram (mg), a therapeutic equivalent generic version of Avelox (Moxifloxacin HCI) tablets 400 mg in the US market on Tuesday, 4 March 2014, following the approval by the United States Food & Drug Administration (US FDA).

The Avelox (Moxifloxacin HCI) tablets brand had US sales of approximately $195 million for the twelve months period ended 31 December 2013 according to IMS Health data. Avelox tablets are used in adults for the treatment of infections of the lungs, airways and sinuses.

Dr. Reddy's Moxifloxacin Hydrochloride tablets, 400 mg is available in bottle counts of 30, the company said in a statement.

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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