Dr Reddy's Laboratories gained 2.12% to Rs 2,354 at 11:14 IST on BSE, with the stock extending Tuesday's gain triggered by the company securing approval from the US drug regulator for Azacitidine for injection.
Meanwhile, the BSE Sensex was up 41.50 points or 0.21% to 19,845.33
On BSE, 12,853 shares were traded in the counter compared with average volume of 21,639 shares in the past one quarter.
The stock hit a high of Rs 2,360 and a low of Rs 2,310 so far during the day. The stock hit a record high of Rs 2,400.75 on 15 July 2013. The stock hit a 52-week low of Rs 1,617 on 27 September 2012.
The stock had underperformed the market over the past one month till 17 September 2013, rising 6.38% compared with the Sensex's 6.48% rise. The scrip, however, outperformed the market in past one quarter, rising 7.39% as against Sensex's 2.47% rise.
The large-cap company has an equity capital of Rs 85.05 crore. Face value per share is Rs 5.
Shares of Dr Reddy's Laboratories gained 5.89% in two trading days from a recent low of Rs 2,223.15 on 16 September 2013. The stock had gained 3.69% on Tuesday, 17 September 2013 after the company announced that Azacitidine for injection 100 milligram (mg)/vial, a bioequivalent generic version of VIDAZA, was approved by the US Food and Drug Administration (US FDA) on 16 September 2013. The launch of the product in the market is planned in the near term, the company said. The announcement was made during trading hours on Tuesday, 17 September 2013.
The VIDAZA brand had US sales of approximately $378.5 million for the most recent twelve months ending July 2013 according to IMS health. The drug is used for the treatment of patients with myelodysplastic syndromes.
Dr Reddy's Laboratories said that Azacitidine for injection 100 mg/vial is available in single use vials.
On a consolidated basis, Dr Reddy's Laboratories' net profit rose 7.43% to Rs 360.93 crore on 12% increase in net sales to Rs 2844.92 crore in Q1 June 2013 over Q1 June 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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