Dr Reddy's Lab turns positive after launching a generic drug in US

Dr Reddy's Laboratories rose 0.2% to Rs 3,046.05 at 12:48 IST on BSE after the company announced the launch of Nitroglycerin sublingual tablets in the US market.

The announcement was made during market hours today, 29 August 2016.

Meanwhile, the S&P BSE Sensex was up 8.29 points, or 0.03%, to 27,790.54

On BSE, so far 11,000 shares were traded in the counter, compared with average daily volume of 41,108 shares in the past one quarter. The stock was volatile. The stock rose as much as 0.4% at the day's high of Rs 3,052 so far during the day. The stock fell as much as 0.69% at the day's low of Rs 3,019 so far during the day. The stock hit a record high of Rs 4,382.95 on 20 October 2015. The stock hit a 52-week low of Rs 2,750 on 21 January 2016. The stock had outperformed the market over the past 30 days till 26 August 2016, rising 2.68% compared with Sensex's 1.51% fall. The scrip, however, underperformed the market in past one quarter, falling 2.33% as against Sensex's 4.23% rise.

The large-cap company has an equity capital of Rs 85.39 crore. Face value per share is Rs 5.

Dr Reddy's Laboratories announced that it has launched Nitroglycerin sublingual tablets USP, 03 mg, 0.4 mg and 0.6 mg, a therapeutic equivalent generic version of Nitrostat (Nitroglycerin) sublingual tablets in the US market on 26 August 2016. The drug was already approved by the United States Food & Drug Administration (USFDA). The Nitrostat (Nitroglycerin) sublingual tablet brand clocked sales of around $108 million in the US for twelve months ended March 2016, according to IMS Health data.

Dr Reddy's Laboratories' consolidated net profit fell 76.3% to Rs 153.50 crore on 14.1% decline in total income to Rs 3289.50 crore in Q1 June 2016 over Q1 June 2015.

Dr Reddy's Laboratories is an integrated global pharmaceutical company. It offers a portfolio of products and services including active pharmaceutical ingredients (APIs), custom pharmaceutical services, generics, biosimilars and differentiated formulations.

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