The company made this announcement after the trading hours on Monday, 26 November 2007.
Meanwhile, BSE Sensex was down 183.91 points or 0.96% to 19,063.63 as US stocks tumbled on Monday, 26 November 2007, as investors worried rising US mortgage defaults and credit market losses will drag on the US economy, fueling fears that US consumers will slash spending during the vital holiday season.
On BSE 2,490 shares were traded in the counter. The scrip had an average daily volume of 84,721shares in the past one quarter.
The stock hit a high of Rs 613.90 and a low of Rs 606.50 so far during the day. The stock had a 52-week high of Rs 840 on 27 December 2007 and a 52-week low of Rs 580 on 17 October 2007.
The mid-cap scrip had underperformed the market over the past one month till 23 November 2007, declining 2.04% compared to the Sensexs return of 0.44%. It had also underperformed the market in the past one quarter, declining 4.04% compared to Sensexs rise of 30.70%.
The companys current equity is Rs 84.07 crore. Face value per share is Rs 5.
Dr Reddys Laboratories (DRL)'s current price of Rs 608.20 discounts Q2 September 2007 annualized EPS of Rs 29.74 by a PE multiple of 20.45.
The active ingredient is a biological molecule named AX200, in development by Sygnis. The company has successfully completed the second phase (a) of clinical trial of AX200 in September 2007, which demonstrated safety and efficacy in patients with acute stroke. In the second half of 2008, Sygnis plans to start the (b) part of the second phase, which is an efficacy trial in acute stroke with AX200 supplied by the company.
On 28 September 2007, DRL announced the expansion of its operations in the ASEAN region with the opening of its 41st overseas office in Manila, Philippines.
DRLs net profit declined 54.2% to Rs 125 crore on 6.5% fall in net sales to Rs 865.56 crore in Q2 September 2007 over Q2 September 2006.
DRL is a leading Indian pharmaceutical company with vertically integrated operations. The company develops, manufactures and markets a wide range of pharmaceutical products both in India and overseas.
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