Representative image of the Russian Sputnik V COVID-19 vaccine being imported by Dr. Reddy's Laboratory for distribution in India
Dr Reddy's Laboratories share price gained a percent intraday on May 14 after the company launched Russian-made Sputnik V vaccine in the Indian market.
Dr Reddy's announced that the first consignment of imported doses of the Sputnik V vaccine received regulatory clearance from the Central Drugs Laboratory, Kasauli, on May 13, 2021. As part of a limited pilot, the soft launch of the vaccine commenced and the first dose was administered in Hyderabad on May 14, the company said in an exchange filing.
"Further consignments of imported doses are expected over the upcoming months. Subsequently, the supply of the Sputnik V vaccine will commence from Indian manufacturing partners," the company said. One dose of the imported vaccine is priced at Rs 995.4 (Rs 948 plus 5 percent GST), with the possibility of a lower price point when local supply begins, the company added.
G V Prasad, Co-Chairman and Managing Director, said, "With the rising cases in India, vaccination is our most effective tool in our battle against COVID-19. Contributing to the vaccination drive in India is our biggest priority right now to help Indians be healthy and safe."
The launch will give a boost to the vaccination drive stuttering because of jab shortage at a time when India is facing a devastating second COVID Covid-19 wave. In the last 24 hours, India added 3.43 lakh cases with the total number of cases at 2.40 crore with active cases at 37.05 lakh.
Also Read: Dr Reddy's Labs to announce Q4 numbers today, here's what brokerages expect
The stock was trading at Rs 5,353.35, up Rs 51.35, or 0.97 percent at 1216 hours. It has touched an intraday high of Rs 5,398 and an intraday low of Rs 5,315.
The company is scheduled to report its March quarter earnings later in the day. Brokerages expect the Hyderabad-based company to post double-digit growth in revenue on the back of the Wockhardt acquisition and robust business in India and Europe but a decline in the US sales is expected to dent profitability.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.