Dr Reddy's Laboratories rose 1.16% to Rs 2454 at 14:05 IST on BSE on hopes that the company's market share of anti-hypertension generic drug Toprol may increase after a plant operated by its competitor Wockhardt received import alert.
Meanwhile, the BSE Sensex was up 140.17 points, or 0.69%, to 20,560.43.
On BSE, 17,000 shares were traded in the counter compared with average volume of 21,303 shares in the past one quarter.
The stock hit a high of Rs 2,485 and a low of Rs 2,435 so far during the day. The stock hit a record high of Rs 2,545 on 31 October 2013. The stock hit a 52-week low of Rs 1,720.50 on 1 March 2013.
The stock had outperformed the market over the past one month till 27 November 2013, rising 0.92% compared with the Sensex's 1.27% fall. The scrip had also outperformed the market in past one quarter, rising 12.19% as against Sensex's 13.65% rise.
The large-cap company has an equity capital of Rs 85.05 crore. Face value per share is Rs 5.
On Wednesday, 28 November 2013, Wockhardt said it received a fresh import alert from the US drug regulator, Food and Drug Administration (FDA), on its Chikalthana facility at Aurangabad in Maharashtra.
Import alert is big setback for Wockhardt, which manufactures anti-hypertension generic drug Toprol XL at Chikalthana facility.
According to reports, Wockhardt's loss with regard to sales from generic Toporol could prove to be a big gain for peers such as Dr Reddy's Laboratories in the US since it also makes the drug. For Dr Reddy's, this would primarily mean a greater market share and possibly better pricing in Toprol XL.
Dr Reddys Laboratories' consolidated net profit surged 69.41% to Rs 690.25 crore on 17.14% increase in total income to Rs 3421.12 crore in Q2 September 2013 over Q2 September 2012.
Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) rose 27% to Rs 950 crore in Q2 September 2013 over Q2 September 2012.
Dr Reddy's Laboratories is an integrated global pharmaceutical company. Through its three businesses - Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products - Dr. Reddy's offers a portfolio of products and services including active pharmaceutical ingredients (APIs), custom pharmaceutical services, generics, biosimilars, differentiated formulations and new chemical entities (NCEs).
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