Dr Reddy's Labs gains after plant clears USFDA audit

Dr Reddy's Laboratories rose 2.66% to Rs 2536.55 at 9:17 IST on BSE after the company said that it received zero observations from audit of formulations plant in Andhra Pradesh by the US drug regulator.

The announcement was made after market hours on Friday, 16 November 2018.

Meanwhile, the S&P BSE Sensex was up 168.15 points, or 0.47% to 35,625.31.

On the BSE, 5,708 shares were traded in the counter so far compared with average daily volumes of 34,000 shares in the past two weeks. The stock had hit a high of Rs 2546.80 and a low of Rs 2525.60 so far during the day. The stock hit a 52-week high of Rs 2,687.45 on 28 September 2018. The stock hit a 52-week low of Rs 1,888 on 21 May 2018.

Dr Reddy's Laboratories announced that the audit of its formulations Srikakulum plant (SEZ) Unit II, Andhra Pradesh by the US Food and Drug Administration (USFDA) completed on 16 November 2018 with zero observations.

On a consolidated basis, net profit of Dr Reddy's Laboratories rose 69.71% to Rs 518.30 crore on 7.24% rise in net sales to Rs 3817.50 crore in Q2 September 2018 over Q2 September 2017.

Dr. Reddy's Laboratories is an integrated pharmaceutical company.

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