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Dr Reddy’s shares jump 7.5%; market cap rises by Rs2,864 crore

LiveMint logoLiveMint 21-09-2017 PTI

New Delhi: Shares of Dr Reddy’s Laboratories Ltd on Thursday soared by 7.5% after the company said it has received establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) for part of its Srikakulam plant in Andhra Pradesh.

The stock surged 7.47% to settle at Rs2,486.45 on BSE. During the day, it jumped 7.9% to Rs2,496.50. On NSE, shares of the company soared 7.42% to close at Rs2,486.55. The stock was the biggest gainer among the bluechips on both the key indices.

The company’s market valuation went up by Rs2,864.35 crore to Rs41,223.35 crore. In terms of equity volume, 3.19 lakh shares of the company were traded on BSE and over 40 lakh shares changed hands on NSE during the day.

The company has received EIR from the USFDA for its formulations manufacturing facility at Srikakulam unit II, Dr Reddy’s said in a filing to BSE. It, however, did not state if the US health regulator had made any observation in the EIR.

In a separate filing, Dr Reddy’s Laboratories said it has received zero observations for its custom pharmaceutical services facility, technology development centre, at Miyapur in Hyderabad after audit of the facility by the USFDA.

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