Pharmaceuticals giant Dr Reddy's Laboratories Ltd on Tuesday reported an impressive increase of 66.6 per cent in its quarterly net profit, thanks to strong sales in North America and emerging markets.
Dr Reddy's said its net profit jumped to Rs 571.01 crore in the quarter ended March 31, 2013, from Rs 342.70 crore in the corresponding period of the previous year.
Dr Reddy's Laboratories have said that its board of directors have appointed G V Prasad as the new chairman of the Indian pharmaceutical giant.
G V Prasad, who is the son-in-law of Anji Reddy, has been working as the vice-chairman and chief executive officer (CEO) of the company. Prasad will continue to work as the CEO of the company.
The company has also said that it has appointed K Satish Reddy as the new vice-chairman and he will continue in his existing roles as managing director and chief operating officer.
Kallam Anji Reddy, the founder of Dr Reddy's Laboratories, has passed away on 16 March 2013 at Hyderabad's Apollo Hospital.
Indian Stock Market followed global stock market trend and continued the upside movement. BSE Sensex was up by 50 points at 19763 and NSE Nifty was above 6000 with a gain of 15 points. US markets closed positive on January 2 with Dow Jones gaining 2.3%, Nasdaq up by 3% and S&P higher by 2.4 per cent.
Among major gainers in today's early trading session were Dr Reddys Labs, Cairn India, Ambuja Cements, BPCL, IDFC, Tata Steel, ACC and Bharti Airtel. Among major losers in today's session were Tata Power, Lupin, PNB and Maruti Suzuki.
India’s leading drug maker, Dr. Reddy’s Laboratories has announced the launch of public offer aiming to raise funds for acquiring all the issued and outstanding shares of Netherlands firm OctoPlus
The company said in a filing with the Bombay Stock exchange (BSE) that that the offer will be closed on February 8, 2013. Dr. Reddy’s has agreed to pay €0.52 a share of Dutch firm OctoPlus.
Shares in pharmaceutical giant Dr Reddy's Laboratories Ltd gained more than 3 per cent on Wednesday, a day after the company announced strong trading figures for the three months ended September 30.
In the morning trading today, the drug maker's shares gained as much as 3.2 per cent to Rs 1763.30. At one point of time, the stock hit a low of Rs 1732.
Hyderabad-based Dr Reddy's Laboratories has confirmed its decision to acquire Netherlands-based specialty pharmaceuticals firm OctoPlus NV for €27.39 million (192 crore) in an all-cash deal.
The offer of €0.52 for each share of OctoPlus represents a premium of 30 per cent to the stock's closing price on the Amsterdam Stock Exchange (ASE) on October 19.
Indian drug maker, Dr Reddy's Laboratories has announced its decision to acquire OctoPlus NV, a specialty pharmaceutical company based in the Netherlands, for 27.4 million euros.
The two companies said in a joint statement that they have reached a reached conditional agreement over the takeover. Dr Reddy's Laboratories or a wholly owned subsidiary will launch an intended public offer to acquire all issued and outstanding ordinary shares of OctoPlus. Dr Reddy's will acquire the company's shares at the rate of 0.52 euro per share.
Drug companies Aurobindo Pharma, Sun Pharma and Dr Reddy's Laboratories have bagged US health watchdog's sanction to market generic Plavix, utilized in treating heart illnesses, in the US market.
Dr Reddy's stated that it has rolled out clopidogrel tabs in US after bagging nod from the USFDA.
Clopidogrel pills are the generic edition of Sanofi Aventis' Plavix tabs.
Brokerage House CLSA has given a buy call for Jain Irrigation. The company is into agriculture sector and offers irrigation solutions. There is an increase in demand for cost saving irrigation systems and Jain Irrigation is a pioneer in the sector in Indian market.
Brokerage house CLSA has given a target price of Rs 150 for Jain Irrigation. The analysts have expressed positive views about the reduction of debt for the company. With earnings upgrade, the current market price for the stock looks undervalued.
Indian pharmaceutical major, Dr Reddy's Laboratories is planning to launch as many as 15 to 16 new products in the Us market in the year.
The expanded product line is expected to contribute about one-third to its revenues. The company had launched 12 products in the US market in the previous fiscal year and has generated about Rs3,189 crore in revenues.
Satish Reddy, the company's chief operating officer said, "There are going to be some interesting products. This year is a busy year and there are quite a few launches."
Indian pharmaceutical major, Dr Reddy's Laboratories has reported a rise of 2.46 per cent in consolidated net profit to Rs 342.70 crore for the fourth quarter for the financial year till March 2012.
Indian drug manufacturer Dr Reddy's Laboratories has bagged nod from U. S. Food and Drug Administration for marketing ibandronate sodium tabs utilized to cure osteoporosis.
The pills are the generic edition of Boniva, a product sold by a unit of Swiss drug manufacturer Roche.
Cipla, another Indian drug manufacturer, bagged U. S. authoritarian authorization for AIDS treatment medicine nevirapine.
The medicine is a generic edition of Boehringer Ingelheim's Viramune tabs.
Indian drugmaker Dr. Reddy’s has reported an impressive 88 per cent rise in net profits in the thrd quarter of the year till December 2011 backed by high sales of schizophrenia drug Olanzapine in the US.
The company said that its net profit rose to Rs 513 crore in the third quarter of financial year compared to Rs 273.2 crore in the same quarter of the previous fiscal. The company revenue of the company was recorded at at Rs
Dr Reddy's Laboratories has announced that the strike at its manufacturing unit in Srikakulam, Andhra Pradesh by contract-based workers has ended and operations have resumed.
The workers were striking for various demands since August 12. The production in the unit was affected after the company reduced the number of contract workers to 85. The contract workers did not accept a wage agreement on November and continued their strike at the unit of the pharmaceutical major.
Dr Reddy's Laboratories and Brisbane-based Alchemia Ltd publicized that the US Food and Drug Administration (USFDA) has finally sanctioned the launch of their Fondaparinux Sodium injection.
These injections are a bioequivalent standard version of Arixtra and on July 11, they will be entering the US market as the company-supply was 3 %higher.
DRL’s Q4FY11 results were ahead of estimates driven by generic Allegra D-24 and the PSAI segment. We expect generic Allegra D-24 to have contributed USD25mn (product now moved to OTC). DRL indicated that the lower growth in India was on back of price cuts in the market which provides an early signal to rising competition. Further the recurring EBIT margins were bit under pressure on back of higher SG&A and R&D cost. We continue to maintain HOLD rating with a revised TP of Rs1,572 valuing the base business at Rs1,501 (20x June’12 recurring earnings) and Rs71/share for P-IV/ limited competition opportunities.
Technical analyst Brijesh Singh of India Advantage has maintained 'buy' rating on Dr Reddy's Laboratories Limited stock with a short term target of Rs 1730.
According to analyst, the investors can buy the stock with a stop loss of Rs 1660
The stock of the company, on April 20, closed at Rs 1632.45 on the Bombay Stock Exchange (BSE).
Current EPS & P/E ratio stood at 47.97 and 34.71 respectively.
The share price has seen a 52-week high of Rs 1855 and a low of Rs 1161 on BSE.
Technical analyst Simi Bhaumik has maintained 'hold' rating on Dr Reddy`S Laboratories Limited stock with an intra-day target of Rs 1666.
According to analyst, the investors can buy the stock with stop loss of Rs 1618.
The stock of the company, on April 13, closed at Rs 1632.45 on the Bombay Stock Exchange (BSE).
Current EPS & P/E ratio stood at 47.97 and 34.29 respectively.
The share price has seen a 52-week high of Rs 1855 and a low of Rs 1161.10 on BSE.
Technical analyst Hitesh Chotalia maintained 'hold' rating on Jet Airways Limited stock to attain a target of Rs 1728.
According to analyst, the investors can buy the stock with a stop loss of Rs 1570.
Today, the stock of the company opened at Rs 1619 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 1855 and a low of Rs 1092.25 on BSE.
Current EPS & P/E ratio stood at 47.97 and 33.36 respectively.
Dr Reddy's Laboratories recorded a consolidated net profit of Rs 273.14 crore for October-December period.
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