Dr Reddy's Labs gains as Srikakulam SEZ Unit II get EIR from USFDA

The stock moved higher by nearly 7% to Rs 2,466 on BSE in an otherwise weak market

Dr Reddy’s Laboratories moved higher by nearly 7% to Rs 2,466 on BSE in an otherwise weak market after the company received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (US-FDA), for its formulation facility at Srikakulam plant (SEZ) Unit II, Andhra Pradesh.

On May 25, 2017, the company said that USFDA had made the audit of the Unit II formulations facility with zero observations.

Upon completion of an inspection, an EIR is written which details inspectional findings.

At 10:18 am, the stock was up 5% at Rs 2,425 on BSE, against 0.52% decline in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 1.56 million shares changed hands on the NSE and BSE so far.