Dr Reddy's - EIR for its Miryalaguda API plant: Angel Broking

Views of Ms. Sarabjit Kour Nangra (VP Research- Pharma, Angel Broking):

"Dr Reddy's Laboratories, received establishment inspection report from the US health regulator for its Miryalaguda plant. We have received establishment inspection report (EIR) from US FDA for its active pharmaceutical plant (API) at Miryalaguda indicating the successful closure of the agency's audit. The plant, which was inspected by USFDA from February 13-21'2017, had received Form 483 with three observations from US Food and Drug Administration. Miryalaguda plant supplies active ingredients for company's captive consumption as well as for its customers. The news is positive, however given the valuations, we are NEUTRAL on the stock."

Shares of DR.REDDY'S LABORATORIES LTD. was last trading in BSE at Rs.2665.05 as compared to the previous close of Rs. 2628.1. The total number of shares traded during the day was 64949 in over 4028 trades.

The stock hit an intraday high of Rs. 2698 and intraday low of 2647. The net turnover during the day was Rs. 173442411.

Source : Equity Bulls

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