Dr Reddy's Lab surge 5 per cent on successful USFDA audit

Pharma major Dr Reddy’s Laboratories escalated 5 per cent on Friday, May 26, 2017, as the company received zero observations in the USFDA audit of its Andhra Pradesh manufacturing unit. 
      
The company’s formulations Srikakulum plant (SEZ) unit II in Andhra Pradesh was audited by the United States Food and Drug Administration (USFDA). However, the company’s Srikakulam API facility and Duvvada is yet to get a USFDA clearance.  

The company had posted a 175 per cent hike to Rs 337.6 crore in its profit for the fourth quarter against Rs 122.6 crore in the corresponding period in the previous year. Although the company’s revenue fell by 4.8 per cent to Rs 3,611.9 crore as an impact of slumped sales in US generics market.
   
At 11:15 hrs IST, Dr Reddy’s Laboratories was quoting at Rs 2,440.95, up by 0.56 per cent on May 26, 2017, on the BSE. The stock touched its 52-week low at Rs 2,400 in intraday trade on 25 May, 2017.