Dr Reddy's Laboratories share price hits fresh 52-week high on Q1 earnings

Dr Reddy's Laboratories share price closed higher in trade today after the pharma firm reported a 45.31% rise in consolidated net profit for June quarter. The stock rose up to 7.01% to the intraday high of Rs 4,334 compared to the previous close of Rs 4,050 on BSE. Later, the stock closed 6.17% higher at Rs 4,300 on BSE.

It hit a fresh 52 week high of Rs 4,334 today and 52-week low of Rs 2,352 on August 14, 2019. Total 1.35 lakh shares changed hands amounting to turnover of Rs 57.26 crore on BSE.

Dr Reddy's Labs share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In last one year, the share gained 62% and rose 49.46% since the beginning of this year. Dr Reddy's Laboratories reported consolidated net profit of  Rs 662.8 crore for the June quarter against net profit of  Rs 456.1 crore in the corresponding period of 2018-19.

Revenue rose to ?3,843.5 crore in Q1 compared with ?3,720.7 crore in the year-ago period.

Dr Reddy's Labs stock gains 3% on deal for producing COVID-19 drug Remdesivir

"This quarter, we grew in most of our key markets and hope to continue this momentum with a sharper focus on performance," Dr Reddy's Laboratories Chief Executive Officer (CEO) and Co-Chairman G V Prasad said.

In another update, the pharma firm said with effect from August 1, Erez Israeli would be elevated as CEO of the company. Prasad will continue as the co-chairman and managing director, and Israeli will continue to report to him, it added.

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