Dr. Reddy's Laboratories rose 0.93% to Rs 4,315.40, extending gains for second consecutive session.
The stock has added 2.57% in two sessions, from its recent closing low of Rs 4,207.20 recorded on 14 February 2022.
In the past three months, the stock has declined by 10.65% while the benchmark Sensex has lost 4.03% during the same period.
On the technical front, the scrip is currently trading below its 50-day, 100-day and 200-day simple moving average placed at 4561.34, 4663.63 and 4881.47, respectively.
Mankind Pharma on Wednesday reportedly said it has inked a pact with Dr Reddy's Laboratories to acquire two brands -- Combihale and Daffy.
While Combihale is used for the treatment of asthma and chronic obstructive pulmonary disease, Daffy is a soap-free moisturising bar for infants.
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Mankind Pharma has reportedly said the market for Combihale is valued at Rs 900 crore growing at 14%. The acquisition of the product is expected to strengthen the company's presence in the inhalation respiratory market segment, the company said as per reports. The total market for Daffy is reportedly valued at Rs 1,000 crore growing at 18%.
"We believe these brands have adequate potential to grow in the Indian market and the best part of the acquisition is that both these brands perfectly fit in our portfolio, and provides us an opportunity to grow and build the respiratory and dermatology business further," Mankind Pharma President Atish Majumdar reportedly noted.
As per the terms of the definitive agreement executed between the companies, Mankind Pharma will reportedly take over the manufacturing, marketing and distribution of both the products in India. The entire integration and transition of the brands is reportedly expected to be completed by March 2022.
Dr. Reddy's Laboratories is an integrated pharmaceutical company. It offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr. Reddy's operates in markets across the globe. Our major markets include - USA, India, Russia & CIS countries, and Europe.
The drug maker reported a consolidated net profit of Rs 706.50 crore in Q3 December 2021, steeply higher than 19.80 crore in Q3 December 2020. On a consolidated basis, the company's revenue from operations rose 7.91% to Rs 5319.70 crore in in Q3 December 2021 over Q3 December 2020.
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