Dr Reddy's hits record high on migraine drug launch in US

Shares in Dr Reddy's Laboratories rose as much as 2.1 percent to a record high on growing hopes about its U.S. business.

The drug maker said late on Tuesday that it launched Sumatriptan injection, used for migraine, for U.S. markets.

Separately, Macquarie upgraded its price target for Dr. Reddy's shares to 3,325 rupees from 3,200 rupees, saying its U.S. business was "significantly under appreciated by the street."

The ramp-up of key products in the United States, including planned launches in fiscal 2015, would help boost sales, Macquarie added.

Shares in the company were up 1.8 percent at 1:18 p.m.

The gains come in contrast to rivals such as Ranbaxy Laboratories Ltd, which has slumped 21 percent since January 11 because of U.S. regulatory issues. In contrast, Dr. Reddy's has gained 5.6 percent during the same period.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • India’s festivals teach us to share our wealth and joy

    India is an aporia in its own true sense.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture