Dr Reddy's surges 9% on Betapharm buyout

DALAL STREET SPIKES

Dr Reddy's shot up by 9.38 per cent to end at Rs 1281.95, after touching a 52- week high of Rs 1,295 in the intra-day trading. The stock witnessed volumes of 4 lakh shares.

The announcement that the company has acquired 100 per cent stake in Betapharm, the fourth-largest generic pharmaceuticals company in Germany for $480 million in cash boosted the stock.

The acquisition will enable the company to build a strategic presence in European markets. The scrip had surged since late January 2006 on the back of strong Q3 results.