Dr Reddy's Labs gains after receiving EIR

Dr Reddy's Laboratories rose 0.89% to Rs 2,675.10 at 12:58 IST on BSE after the company received Establishment Inspection Report from US FDA for manufacturing plant at Miryalaguda.

The announcement was made after market hours yesterday, 30 May 2019.

Meanwhile, the S&P BSE Sensex was down 93.70 points, or 0.24% to 39,738.27

On the BSE, 8703 shares were traded in the counter so far compared with average daily volumes of 41,000 shares in the past two weeks. The stock had hit a high of Rs 2,688.45 and a low of Rs 2,660 so far during the day.

Dr Reddy's Laboratories said that the company has received the Establishment Inspection Report (EIR) from USFDA for its API manufacturing plant at Miryalaguda (Nalgonda District), indicating closure of the audit and the inspection classification of this facility is determined as Voluntary Action Initiated (VAI).

On a consolidated basis, net profit of Dr Reddy's Laboratories rose 67.4% to Rs 455.40 crore on 14.3% rise in total income to Rs 4112.90 crore in Q4 March 2019 over Q4 March 2018.

Dr Reddy's Laboratories is an integrated pharmaceutical company. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products - Dr Reddy's offers a portfolio of products and services including APls, custom pharmaceutical services, generics, biosimilars and differentiated formulations.

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