Dr Reddys Laboratories Ltd Share Price – NSE  /  BSE

Pharmaceuticals, Mid Cap

Dr Reddys Laboratories Ltd rose for a third straight session today. The stock is quoting at Rs 6498.95, up 1.14% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.28% on the day, quoting at 24354.6. The Sensex is at 80227.97, up 0.3%. Dr Reddys Laboratories Ltd has added around 11.59% in last one month.

Meanwhile, Nifty Pharma index of which Dr Reddys Laboratories Ltd is a constituent, has added around 4.63% in last one month and is currently quoting at 19915.3, up 1.3% on the day. The volume in the stock stood at 1.64 lakh shares today, compared to the daily average of 6.23 lakh shares in last one month.

The benchmark July futures contract for the stock is quoting at Rs 6499.9, up 1.31% on the day. Dr Reddys Laboratories Ltd is up 25.5% in last one year as compared to a 25.55% gain in NIFTY and a 46.49% gain in the Nifty Pharma index.

The PE of the stock is 24.7 based on TTM earnings ending March 24.

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The domestic equity indices traded with small gains in afternoon trade. The Nifty traded above the 24,050 mark in early afternoon trade. Oil & gas, PSU bank and realty shares advanced while private bank, financial services and bank shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 30.82 points or 0.02% to 79,273.87. The Nifty 50 index rose 25.95 points or 0.11% to 24,070.45.

The Sensex and Nifty clocked an all-time high of 79,671.58 and 24,174, respectively in morning trade.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.47% and the S&P BSE Small-Cap index rallied 0.62%.

The market breadth was positive. On the BSE, 2,075 shares rose and 1,734 shares fell. A total of 128 shares were unchanged.

Gainers & Losers:

Dr Reddy's Laboratories (up 2.58%), Oil & Natural Gas Corporation (up 2.54%), Tata Motors (up 2.31%), Relinace industries (up 1.99%) and Tata Consumer Products (up 1.56%) were major Nifty gainers.

ICICI Bank (down 1.64%), Axis Bank (down 1.61%) Bharti Airtel (down 1.29%), Kotak Mahindra Bank (down 1.28%) and Eicher Motors (down 0.84%) were major Nifty losers.

Stocks in Spotlight:

JSW Infrastructure added 1.60% after the company’s wholly owned subsidiary, JSW Port Logistics (JSW Port) has entered into a share purchase agreement with Navkar Corporation (NCL) to acquire 70.37% stake from the promoters of NCL.

Meanwhile, the company has received Letter of Acceptance (LoA) from Southern Railway, Chennai Division for construction & operation of Gati Shakti Multi-Modal Cargo Terminal (GCT) at Arakkonam, Chennai, Tamil Nadu.

Aether Industries rallied 4.40% after the company announced the signing of a strategic supply agreement with Baker Hughes for an initial term is 5 years, extendable by 3 additional one year terms and thereafter extendable on yearly basis.

AU Small Finance Bank rose 1.08% after the bank announced that its board has approved of raising funds aggregating upto Rs 11,000 crore through various modes.

RBL Bank rose 0.67%. The bank’s board approved of raising funds through qualified institutional placement (QIP) and issue of debt securities aggregating upto Rs 6,500 crore.

KPI Green Energy advanced 2.60% after the company received a sanction letter for Rs 686 crore in credit facilities for a 200 MW solar project in Khavda. Rs 225 crore raised through a QIP earlier will be used to partially fund the project.

Inox Wind rose 0.96%. The company announced that it has incorporated a wholly-owned subsidiary, Pokhran Wind Energy, as a special purpose vehicle (SPV) to develop wind farms in India.

Alembic Pharmaceuticals rose 0.11%. The company announced that it has received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Doxycycline capsules.

Global Markets:

Most of the European and Asian stocks traded higher on Friday as investors look forward to U.S. core PCE data later today, which could solidify expectations of a Fed rate cut.

Tokyo consumer prices rose in June. While headline Consumer Price Index (CPI) inflation rose to 2.3% year-on-year in June, compared to 2.2% in May, core inflation print that excludes both fresh food and energy prices, grew to 1.8% in June from 1.7% in May.

US stock market ended with minor gains on Thursday as treasury yields eased ahead of the fresh inflation data. The Dow Jones Industrial Average gained 0.09%, while the S&P 500 rose 0.09%. The Nasdaq Composite ended 0.30%.

Alphabet shares rose 0.83% and Meta Platforms stock price gained 1.25%. Amazon shares rallied 2.19%, while Nvidia shares declined 1.90%.

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Dr. Reddy’s Laboratories SA will acquire all of the quotas of Northstar Switzerland SARL (Northstar Switzerland), a Haleon group company. It will also aquire Haleon’s global portfolio of consumer healthcare brands in the Nicotine Replacement Therapy (NRT) category outside of the United States.

The intellectual property, business contracts, dossiers and other assets related to the portfolio being acquired will reside in Northstar Switzerland and/or its fully owned step-down subsidiaries North Star OpCo and North Star Sweden AB to be incorporated in England and Wales and Sweden, respectively.

The acquisition will enable the company to gain access to a global OTC anchor brand and is seen as a potential vehicle to build the company’s global consumer healthcare OTC business.

Dr. Reddy’s Laboratories SA will pay total consideration of GBP 500 million with an upfront cash consideration of GBP 458 million and additional performance-based contingent cash payments of up to GBP 42 million in CY 2025 and CY 2026.

The said transaction is expected to close by early Q4 of calendar year 2024.

Dr Reddy's Labs is engaged in providing medicines. The firm operates in three segments: global generics, pharmaceutical services and active ingredients (PSAI) and proprietary products.

The drug maker reported 36.25% increase in net profit to Rs 1,307 crore on 12.48% rise in revenue from operations to Rs 7,083 crore in Q4 FY24 over Q4 FY23.

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Dr Reddys Laboratories Ltd is up for a fifth straight session in a row. The stock is quoting at Rs 6088.9, up 0.17% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.52% on the day, quoting at 23844.2. The Sensex is at 78544.02, up 0.63%. Dr Reddys Laboratories Ltd has risen around 3.68% in last one month.

Meanwhile, Nifty Pharma index of which Dr Reddys Laboratories Ltd is a constituent, has risen around 2.41% in last one month and is currently quoting at 19532.3, up 0.21% on the day. The volume in the stock stood at 1.55 lakh shares today, compared to the daily average of 5.67 lakh shares in last one month.

The benchmark June futures contract for the stock is quoting at Rs 6062.15, up 0.09% on the day. Dr Reddys Laboratories Ltd is up 21.16% in last one year as compared to a 26.71% spurt in NIFTY and a 45.78% spurt in the Nifty Pharma index.

The PE of the stock is 23.34 based on TTM earnings ending March 24.

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