Stock market analyst Hitendra Vasudeo of stockmechanics.com maintained ‘Buy’ rating on Dr Reddy’s Labs to achieve an intraday target of Rs 815.

According to Mr. Vasudeo, interested traders can buy the stock around Rs 800-Rs 790 with a strict stop loss of Rs 785.

Mr. Vasudeo also said that if the stock market remains on the positive track, the stock will hit another target of Rs 830 in today’s session.

The shares of the company on Wednesday (July 08) closed at Rs 805.40 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 33.29 and 24.55 respectively. The share price has seen a 52-week high of Rs 810 and a low of Rs 357 on BSE.

According to reports, the Board of Directors of Dr Reddy’s Labs Ltd will meet on July 21, 2009, inter alia, to consider and sanction the unaudited financial results of the Company for the three month period ended June 30, 2009 (Q1).

Dr Reddy’s, on July 01, has got tentative nod from USFDA to make and sell Valacyclovir Hydrochloride tablets in variable potencies including 500 mg and 1000 mg.

Valacyclovir Hydrochloride (Valtrex) is used for the treatment of certain herpes infections such as herpes zoster, genital herpes, and herpes cold sores on the face and lips.

The company, on June 23, also bagged final approval from USFDA to manufacture and sell Omeprazole Magnesium capsules in strengths EQ 20 mg.

On the same day, Dr Reddy’s got tentative approval from USFDA to manufacture and market for Quetiapine Fumarate tablets in strengths 25 mg.

The company has also decided to employ 1,300 people in this fiscal, which includes around 350 through campus recruitment.

The company said that around 300 of them had already joined and the rest would join in phases.