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Dr Reddy's Labs gains in volatile trade

Capital Market 

Dr Reddy's Laboratories rose 2.2% to Rs 2,402.85 at 15:22 IST on BSE after the company announced that it will defend its right to launch Buprenorphine and Naloxone Sublingual Film in the US market.

The announcement was made on Saturday, 16 June 2018.

Meanwhile, the S&P BSE Sensex was down 84.40 points or 0.24% to 35,537.74

On the BSE, 2.51 lakh shares were traded in the counter so far compared with average daily volumes of 2.62 lakh shares in the past two weeks. The stock had hit a high of Rs 2,408.95 and a low of Rs 2,290 so far during the day. The stock hit a record high of Rs 2,788 on 24 July 2017. The stock hit a 52-week low of Rs 1,888 on 21 May 2018.

Dr. Reddy's Laboratories announced that following the launch of its generic Buprenorphine and Naloxone Sublingual Film in the US Market, the US District Court for the District of New Jersey has received and reviewed an emergency application from the plaintiffs in the current patent litigation for a temporary restraining order and preliminary injunction against Dr. Reddy's Laboratories.

Pending a hearing and decision on the injunction application, the court has issued a temporary restraining order against Dr. Reddy's with respect to further sales and commercialization of Buprenorphine and Naloxone Sublingual Film within the U.S. The court order does not include a prohibition on commercial manufacturing of the product. The plaintiffs will be required to post a bond or other security totaling $18 million (USO) to satisfy any losses or damages incurred by Dr. Reddy's during the period of the temporary restraining order. The court has scheduled an expedited hearing of the preliminary injunction for Thursday, June 28, and a ruling is expected soon thereafter. The proceeding only involves one patent. Dr. Reddy's remains confident in its legal positions on this patent and believes it will prevail on the issues raised with respect to the application for injunction.

Shares of Vedanta lost 2.97% to Rs 231.65. Meanwhile, the S&P BSE Sensex was reconstituted today, 18 June 2018. As a part of the rejig, Vedanta replaced Dr Reddy's Laboratories in the Sensex pack.

Dr Reddy's Laboratories' consolidated net profit fell 19.4% to Rs 272.10 crore on 0.54% fall in net sales to Rs 3534.90 crore in Q4 March 2018 over Q4 March 2017.

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: Mon, June 18 2018. 15:27 IST
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