Dr Reddy's Labs shares hit 52-week high after US regulator completes inspection at drug maker's Srikakulam facility
Dr Reddy's Labs shares scaled a 52-week high on Thursday after the drug maker said the US regulator completed an inspection at its Srikakulam API facility without any observation.
![Dr Reddy's Labs shares hit 52-week high after US regulator completes inspection at drug maker's Srikakulam facility](https://cdn.zeebiz.com/sites/default/files/2023/07/20/252068-pexels-pixabay-159211.jpg?im=FitAndFill=(1200,900))
Dr Reddy's Laboratories (DRL) shares touched a 52-week high on Thursday after the US Food and Drug Administration (FDA) completed an inspection at the Hyderabad-based drug maker's active pharmaceutical ingredient (API) manufacturing facility in Srikakulam, Andhra Pradesh without objections.
Dr Reddy's shares gained by Rs 148.6 or 2.8 per cent at the strongest level of the day to Rs 5,370.2 apiece on BSE after the news, surpassing an earlier 52-week high of Rs 5,272.4 apiece hit on July 7.
At 11:50 am, the Dr Reddy's stock was up 2.3 per cent at Rs 5,342.9 apiece on BSE.
The US drug regulator conducted the pre-approval and routine good manufacturing practice (GMP) inspection at the facility from July 10 to July 19, according to a regulatory filing.
"The inspection closed with zero observations and a classification of No Action Indicated (NAI)," Dr Reddy's said.
Dr Reddy's Laboratories is scheduled to report its financial results for the April-June period on July 26.
For the quarter ended March 31, 2023, Dr Reddy's Laboratories reported a net profit of Rs 960 crore over revenue of Rs 6,315 crore. The company reported Rs 1,534 crore in earnings before interest, taxes, depreciation and ammortisation (EBITDA) and its margin stood at 24.3 per cent.
Dr Reddy's sales in the US increased 27 per cent on a year-on-year basis, according to a statement. Its India sales grew 32 per cent.
Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-retirement-planning-budget-2024-nirmala-sitharaman-announcement-how-nps-rulebook-change-can-increase-corpus-income-and-monthly-pension-by-40-compound-return-303984](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307102-indian-currency-pixabay-take.jpg?itok=kN21EW-9)
How your NPS retirement corpus and monthly pension can jump by 40% after this rule change; get details
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
01:46 PM IST