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Dr. Reddy's rises after Hyderabad facility gets EIR from USFDA

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Dr. Reddy's Laboratories rose 0.71% to Rs 3725.7 after the company said its formulations manufacturing plant - 3 at Bachupally in Hyderabad received the establishment inspection report (EIR) from US drug regulator.

Dr. Reddy's will announce Q4 results today, 20 May 2020. The drug maker reported a consolidated net loss of Rs 538.40 crore in Q3 December 2019 as compared to a net profit of Rs 500.30 crore in Q3 December 2018. Net sales rose 13.9% to Rs 4383.80 crore in Q3 December 2019 over Q3 December 2018.

On the technical front, the stock's RSI (relative strength index) stood at 49.294. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock trades above its 50 days, 100 days and 200 days simple moving average placed at 3464.69, 3261 and 2994.19 respectively. These levels will act as support zones in near term.

Dr. Reddy's Laboratories is an India-based pharmaceutical company. Through its three businesses - pharmaceutical services and active ingredients, global generics and proprietary products - the company offers a portfolio of products and services, including active pharmaceutical ingredients (API), custom pharmaceutical services (CPI), generics, biosimilars, differentiated formulations and new chemical entities.

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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, May 20 2020. 09:34 IST