Dr Reddy's Lab reverses direction after hitting record high

Meanwhile, the S&P BSE Sensex was up 82.19 points or 0.41% at 20,040.66.

On BSE, 26,000 shares were traded in the counter as against average daily volume of 27,731 shares in the past one quarter.

The stock was volatile. The stock rose as much as 2.16% at the day's high of Rs 2,400.75 so far during the day, which is also a record high for the counter. The stock lost as much as 0.95% at the day's low of Rs 2,327.50 so far during the day. The stock had hit a 52-week low of Rs 1,592.25 on 23 July 2012.

The stock had outperformed the market over the past one month till 11 July 2013, surging 7.83% compared with the Sensex's 2.78% rise. The scrip had also outperformed the market in past one quarter, jumping 23.58% as against Sensex's 6.12% gain.

The large-cap pharmaceutical company has equity capital of Rs 85.03 crore. Face value per share is Rs 5.

The stock had risen 2.56% to settle at Rs 2,349.90 on Friday, 12 July 2013 after the company announced the launch of a therapeutic equivalent generic version of Dacogen in the United States market on 11 July 2013. Shares of Dr Reddy's Lab had risen 4.01% in two trading sessions to settle at Rs 2,349.90 on Friday, 12 July 2013, from Rs 2,259.10 on 10 July 2013.

DRL said it has launched Decitabine for Injection (50mg), a therapeutic equivalent generic version of Dacogen, in the United States on 11 July 2013, following the approval from the United States Food and Drug Administration (USFDA) of DRL's abbreviated new drug application (ANDA) for Decitabine for Injection. DRL's Decitabine for Injection 50mg is available as a single dose vial.

According to IMS Health data, the Dacogen brand had annual sales of approximately $260 million in the United States for the twelve months ending July 2013.

Dr Reddy's Laboratories' consolidated net profit surged 66.6% to Rs 570.89 crore on 25.6% growth in net sales to Rs 3339.94 crore in Q4 March 2013 over Q4 March 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 APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations and NCEs. Therapeutic focus is on gastro-intestinal, cardiovascular, diabetology, oncology, pain management, anti-infective and pediatrics. Major markets include India, USA, Russia and CIS, Germany, UK, Venezuela, South Africa, Romania and New Zealand.

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