Pharma major Dr Reddy's Laboratories share prices gained over 4 percent intraday on May 8 after the company said that it had received EIR from US FDA for Srikakulam (CTO VI) unit.
"With regards to the audit of our API manufacturing plant at Srikakulam, Andhra Pradesh (CTO VI), we would like to inform you that we have received the Establishment Inspection Report (EIR) from US FDA, for the above-referred facility, indicating closure of the audit and the inspection classification of this facility is determined as "Voluntary Action Indicated" (VAI), the company said in a filing to the exchanges.
The stock has been a steady performer in the last 1 year with the scrip jumping over 57 percent in the last 9 months. It was quoting at Rs 4,016, up Rs 181.65, or 4.74 percent at 10:20 hours and has touched a 52-week high of Rs 4,099.90.
According to Moneycontrol SWOT Analysis powered by Trendlyne Dr Reddy's Labs has zero promoter pledge with rising net cash flow and cash from operating activity. The stock movement shows strong momentum with price above short, medium and long term moving averages. The technical rating is also very bullish according to moneycontrol technical analysis.
Dr Reddy's Labs is one of the most active stock on NSE in terms of value with 9,29,265 shares being traded. It witnessed spurt in volume by more than 1.28 times and was trading with volumes of 32,633 shares, compared to its five day average of 29,746 shares, an increase of 9.71 percent.
The company on May 6 launched generic Desmopressin Acetate injection indicated for treatment of hemophilia, in the US. "The launch of desmopressin injection demonstrates a strong, growing collaboration with SunGen Pharma. We look forward to future opportunities with this company," Dr Reddy's Laboratories North America Generics CEO Marc Kikuchi said.
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