Dr Reddy's Laboratories rose 1.07% to Rs 2483 at 15:22 IST on BSE, extending Thursday's 1.27% rise triggered by hopes that the company's market share of generic Toprol may rise after a plant operated by its competitor Wockhardt received import alert.
Meanwhile, the BSE Sensex was up 264.30 points, or 1.29%, to 20,799.21.
On BSE, 25,000 shares were traded in the counter compared with average volume of 21,406 shares in the past one quarter.
The stock hit a high of Rs 2,498.70 and a low of Rs 2,456 so far during the day. The stock hit a record high of Rs 2,545 on 31 October 2013. The stock hit a 52-week low of Rs 1,720.50 on 1 March 2013.
Shares of Dr Reddy's Laboratories rose 1.27% to Rs 2,456.65 on 28 November 2013. The stock has risen 2.36% in two trading sessions from Rs 2,425.80 on 27 November 2013.
The stock had outperformed the market over the past one month till 28 November 2013, rising 2.33% compared with the Sensex's 0.17% fall. The scrip had, however, underperformed the market in past one quarter, rising 13.09% as against Sensex's 14.11% rise.
The large-cap company has an equity capital of Rs 85.05 crore. Face value per share is Rs 5.
On Wednesday, 28 November 2013, Wockhardt said it received a fresh import alert from the US drug regulator, Food and Drug Administration (FDA), on its Chikalthana facility at Aurangabad in Maharashtra.
Import alert is a big setback for Wockhardt, which manufactures anti-hypertension generic drug Toprol XL at Chikalthana facility.
According to reports, Wockhardt's loss with regard to sales from generic Toporol could prove to be a big gain for peers such as Dr Reddy's Laboratories in the US since it also makes the drug. For Dr Reddy's, this would primarily mean a greater market share and possibly better pricing in Toprol XL.
Dr Reddys Laboratories' consolidated net profit surged 69.41% to Rs 690.25 crore on 17.14% increase in total income to Rs 3421.12 crore in Q2 September 2013 over Q2 September 2012.
Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) rose 27% to Rs 950 crore in Q2 September 2013 over Q2 September 2012.
Dr Reddy's Laboratories is an integrated global pharmaceutical company. Through its three businesses - Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products - Dr. Reddy's offers a portfolio of products and services including active pharmaceutical ingredients (APIs), custom pharmaceutical services, generics, biosimilars, differentiated formulations and new chemical entities (NCEs).
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