Dr Reddy's Laboratories rose 5.29% to Rs 3,174 at 14:33 IST on BSE after receiving approval from the US health regulator for anti-nausea drug.
Meanwhile, the BSE Sensex was up 322.28 points, or 1.33%, to 24,565.26.
On BSE, so far 67,000 shares were traded in the counter, compared with an average volume of 48,706 shares in the past one quarter. The stock hit a high of Rs 3,201.35 and a low of Rs 3,050 so far during the day. The stock hit a record high of Rs 4,382.95 on 20 October 2015. The stock hit a 52-week low of Rs 2,750 on 21 January 2016. The stock had underperformed the market over the past one month till 2 March 2016, sliding 1.02% compared with 1.21% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 7.30% as against Sensex's 7.18% fall.
The large-cap company has an equity capital of Rs 85.30 crore. Face value per share is Rs 5.
Dr Reddy's Laboratories has received approval from the US Food and Drug Administration (USFDA) for Palonosetron Hydrochloride injection or Aloxi generic. Palonosetron Hydrochloride is used to treat chemotherapy induced nausea.
Media reports suggested that this is a positive news for the company in the background of USFDA warning letters for its three plants. In November 2015, it had received a warning letter from USFDA for active pharmaceutical ingredients (APIs) manufacturing facilities at Srikakulam (Andhra Pradesh), Miryalaguda (Telengana), and oncology formulation manufacturing facility at Duvvada, Visakhapatnam, Andhra Pradesh.
In October 2015, Dr Reddy's Laboratories had entered into a settlement agreement with Helsinn Healthcare SA, a Switzerland-based pharma company for patent litigations related to Aloxi generic in the US. With this settlement, the company is permitted to market Aloxi generic on 30 September 2018 or earlier.
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Dr Reddy's Laboratories' consolidated net profit rose 0.8% to Rs 579.20 crore on 2.7% rise in total income to Rs 3986.50 crore in Q3 December 2015 over Q3 December 2014.
Dr Reddy's Laboratories is an integrated global pharmaceutical company. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products - Dr Reddy's offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations.
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