Dr Reddy’s shares jump to 7.5%

Shares of Dr Reddy’s Laboratories today soared by 7.5 per cent after the company said it has received establishment inspection report (EIR) from the USFDA for part of its Srikakulam plant in Andhra Pradesh.

The stock zoomed 7.47 per cent to settle at Rs 2,486.45 on BSE. During the day, it jumped 7.9 per cent to Rs 2,496.50.

 On NSE, shares of the company soared 7.42 per cent to close at Rs 2,486.55.

The stock was the biggest gainer among the bluechips on both the key indices.

The company’s market valuation went up by Rs 2,864.35 crore to Rs 41,223.35 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 United States Food and Drug Administration (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.