Dr Reddys Lab jumps after as Andhra formulation unit receives EIR

Dr Reddys Laboratories rose 4.15% to Rs 2,403.25 at 11:23 IST on BSE after the company said it received EIR from US drug regulator for formulation plant in Andhra Pradesh.

Meanwhile, the S&P BSE Sensex was up 65.22 points, or 0.21% to 31,225.03.

On the BSE, 77,000 shares were traded in the counter so far, compared with average daily volumes of 98,000 shares in the past one quarter. The stock had hit a high of Rs 2,409 and a low of Rs 2,276 so far during the day.

Dr Reddys Laboratories said it received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for the company's formulation Srikakulam plant (SEZ) Unit I in Andhra Pradesh.

The company had in June 2017 announced that USFDA has completed the audit of the formulation Srikakulam plant (SEZ) Unit I on 16 June 2017 and had issued a Form 483 with one observation.

On a consolidated basis, Dr Reddys Laboratories' 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 Reddys Laboratories is an integrated global pharmaceutical company.

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