Dr Reddy's Laboratories rose 0.92% to Rs 2,354.55 at 14:27 IST on BSE after the company announced the launch of Melphalan Hydrochloride for Injection in the US market.
The announcement was made during market hours today, 26 December 2017.Meanwhile, the S&P BSE Sensex was down 10.56 points, or 0.03% to 33,928.53.
On the BSE, 16,601 shares were traded in the counter so far, compared with average daily volumes of 55,982 shares in the past two weeks. The stock had hit a high of Rs 2,359 and a low of Rs 2,320.10 so far during the day. The stock had hit a 52-week high of Rs 3,203.95 on 6 January 2017. The stock hit a 52-week low of Rs 1,901.65 on 11 August 2017.
The stock had underperformed the market over the past one month till 22 December 2017, falling 1.2% compared with the Sensex's 1.13% gains. The stock had also underperformed the market over the past one quarter, dropping 5.03% as against the Sensex's 6.32% rise. The scrip had also underperformed the market over the past one year, declining 22.69% as against the Sensex's 30.64% rise.
The large-cap company has equity capital of Rs 82.94 crore. Face value per share is Rs 5.
Dr Reddy's Laboratories said that it has launched Melphalan Hydrochloride for Injection, a therapeutic equivalent generic version of Alkeran (Melphalan Hydrochloride) for Injection in the US market. The drug was approved by the United States Food & Drug Administration (USFDA).
The Alkeran brand and generic had US sales of around $107 million MAT for the most recent twelve months ended October 2017, according to IMS Health.
On a consolidated basis, Dr Reddy's Laboratories' net profit fell 1.1% to Rs 305.40 crore on 1.1% decline in net sales to Rs 3546 crore in Q2 September 2017 over Q2 September 2016.
Dr Reddy's Laboratories is an integrated global pharmaceutical company.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
