Shares of Dr Reddy’s Laboratories rose around 2 percent in early deals on July 17 after the company announced signing a pact for buying a 26 percent stake in special purpose vehicle O2 Renewable Energy IX Private Limited.
The pharma major has entered into an agreement with TEQ Green Power XI Pvt Ltd and O2 Power SG Pte Ltd for buying a stake in the renewable energy firm. The company will have a 26 percent stake in the SPV and the rest will be held by TEQ Green Power XI.
The investment is focused on securing consumption and supply of renewable energy through solar and wind power plants through (Inter-State Transmission System) ISTS under the captive structure.
At 10.16 am, shares of Dr Reddy's Laboratories were trading at Rs 5,176.15, up 1.7 percent on the National Stock Exchange.
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Meanwhile, investors are looking forward to the drugmaker's quarterly results, set to be released on July 26. Most brokerages anticipate an improvement in the drug maker's earnings for the April-June period, aided by a strong contribution from sales of the generic of blockbuster drug, Revlimid, and a robust growth in the US market.
Brokerage firm Prabhudas Lilladher expects Dr Reddy's operating margins to expand 582 basis points on year to 23.5 percent in April-June, while topline is likely to grow 17.5 percent on year to Rs 6,129.50 crore.
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