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Dr. Reddy Labs inches up after launching Bortezomib injection in US

Capital Market 

Pharmaceutical major Dr. Reddy's Laboratories launched Bortezomib for injection in the U.S. market.

Shares of Dr. Reddy Laboratories were up 0.76% at Rs 2880.90. The stock trade in range of Rs 2885 to Rs 2859.40 so far during the trade.

Dr. Reddy's Laboratories announced the launch of Bortezomib for injection 3.5 mg/vial, approved by the U.S. Food and Drug Administration (USFDA). The drug is for intravenous use only and is indicated for the treatment of adult patients with multiple myeloma and for the treatment of adult patients with mantle cell lymphoma who have received at least one prior therapy.

The stock gained 10.73% in three months as compared to a 1.46% rise in Nifty Pharma index. The stock is trading above its 50 days and 200 days simple moving averages placed at 2783.95 and 2698.28 respectively.

On the technical front, the stock's RSI (relative strength index) stood at 55.209. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

Dr Reddy's Laboratories is an integrated pharmaceutical company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 04 2019. 14:28 IST