Dr Reddy's Lab spurts after clarification

Dr Reddy's Laboratories rose 8.62% to Rs 2,194.50 at 14:13 IST on BSE after the company issued a clarification with regard to media reports.

The announcement was made during market hours today, 1 September 2017.

Meanwhile, the S&P BSE Sensex was up 139.11 points, or 0.44% to 31,869.60.

On the BSE, 1.79 lakh shares were traded in the counter so far, compared with average daily volumes of 55,089 shares in the past one quarter. The stock had hit a high of Rs 2,209 and a low of Rs 2,121.30 so far during the day. The stock hit a 52-week high of Rs 3,394.95 on 28 October 2016. The stock hit a 52-week low of Rs 1,901.65 on 11 August 2017.

The stock had underperformed the market over the past one month till 31 August 2017, falling 15.10% compared with 2.30% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 20.87% as against Sensex's 1.46% rise. The scrip had also underperformed the market in past one year, falling 34.79% as against Sensex's 11.63% rise.

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

Dr Reddy's Laboratories said that on 31 August 2017, the United States District Court, for the District of Delaware, issued its judgment in favour of Dr. Reddy's Laboratories, ruling that the proposed generic version of Suboxone (buprenorphine and naloxone) sublingual film does not infringe US Patents as asserted by Indivior.

Suboxone (buprenorphine and naloxone) sublingual film is indicated for the maintenance treatment of opioid dependence. Reckitt Benckiser developed Suboxone sublingual film using MonoSol Rx's PharmFilm technology. In December 2014, Reckitt Benckiser de-merged its pharmaceuticals business as Indivior. The US Food and Drug Administration (USFDA) has approved Suboxone film in four strengths viz. 2 mg /0.5 mg, 4 mg/1 mg, 8 mg/2 mg, and 12 mg/3 mg (buprenorphine/naloxone).

Dr Reddy's Laboratories' consolidated 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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