Dr Reddy's gains on receiving EIR for Miryalaguda plant
The stock was up 3% to Rs 2,698 on BSE in intra-day trade.
 "Dr Reddy's Q1 net down 76% at Rs 154 cr")
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Dr Reddy’s Laboratories was up nearly 3% to Rs 2,698 on the BSE in intra-day trade after the company said it has received Establishment Inspection Report (EIR) from the US health regulator for its Miryalaguda plant.
“We have received EIR from US Food and Drug Administration (US FDA) for its active pharmaceutical plant (API) at Miryalaguda indicating the successful closure of the agency's audit,” Dr Reddy’s Laboratories said in a statement.
The plant, which was inspected by USFDA from February 13-21’2017, had received Form 483 with three observations from USFDA.
“Miryalaguda plant supplies active ingredients for company’s captive consumption as well as for its customers. The news is positive, however given the valuations, we are NEUTRAL on the stock,” Sarabjit Kour Nangra, VP Research- Pharma, Angel Broking.
At 01:35 pm; the stock was trading 2% higher at Rs 2,675 on BSE against 0.09% rise in the S&P BSE Sensex. A combined 637,537 shares changed hands on the counter on BSE and NSE.
“We have received EIR from US Food and Drug Administration (US FDA) for its active pharmaceutical plant (API) at Miryalaguda indicating the successful closure of the agency's audit,” Dr Reddy’s Laboratories said in a statement.
The plant, which was inspected by USFDA from February 13-21’2017, had received Form 483 with three observations from USFDA.
“Miryalaguda plant supplies active ingredients for company’s captive consumption as well as for its customers. The news is positive, however given the valuations, we are NEUTRAL on the stock,” Sarabjit Kour Nangra, VP Research- Pharma, Angel Broking.
At 01:35 pm; the stock was trading 2% higher at Rs 2,675 on BSE against 0.09% rise in the S&P BSE Sensex. A combined 637,537 shares changed hands on the counter on BSE and NSE.