Dr Reddy's nudges higher after clarification

Dr Reddy's Laboratories was up 0.97% to Rs 2,394.90 at 15:15 IST on BSE after the company issued a clarification on media reports of the company being one of the frontrunners to buy out bankrupt Orchid Pharma.

The announcement was made during market hours today, 18 December 2017.

Meanwhile, the S&P BSE Sensex was up 148.84 points or 0.44% at 33,611.81.

On the BSE, 45,000 shares were traded on the counter so far as against the average daily volumes of 62,917 shares in the past one quarter. The stock had hit a high of Rs 2,425 and a low of Rs 2,332 so far during the day. The stock had hit a 52-week high of Rs 3,203.95 on 6 January 2017 and a 52-week low of Rs 1,901.65 on 11 August 2017.

The large-cap company has equity capital of Rs 82.94 crore. Face value per share is Rs 5.

Dr Reddy's Laboratories (DRL) stated that reports appearing in certain sections of the media relating to mergers & acquisitions (M&A) activities of the company are purely speculative and it has not made any official statements related to the said matter of the company vying to buy out bankrupt Orchid Pharma.

On a consolidated basis, Dr Reddy's Laboratories' net profit fell 1.1% to Rs 305.40 crore on 1.1% decline in net sales to Rs 3546 crore in Q2 September 2017 over Q2 September 2016.

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

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