Shares of Dr. Reddy’s Laboratories soared 5 per cent to Rs 5422 on Monday. The scrip was closed at Rs 5173.55 in the previous session. However, it gave up some gains to Rs 5349.25, 3.4 per cent higher at 10.40 am. BSE Sensex was recorded at 357.8 points or 0.73 per cent higher at 49,564.27.
The Institute of Nuclear Medicine and Allied Sciences, a DRDO lab, worked in partnership with Dr Reddy’s Laboratories to develop the drug, with the clinical trials showing it to be effective in controlling the pandemic, officials said. The first 10,000 doses are expected to be available by next week.
The 2-deoxy-D-glucose (2-DG) drug developed by the Defence Research and Development Organisation has proved to be effective in three phases of trials on Covid-19 patients and can be easily mass produced, officials said, adding that it will help relieve the burden on the country’s health infrastructure.
Last month, DCGI granted nod to Russia’s Sputnik V vaccine after
presented ‘strong immunogenicity’ data. DRL has conducted local trials for the imported Sputnik V jabs on 1,500 people. Sputnik V is the third vaccine to receive approval for emergency use in India after Covishield and Covaxin.
Chakri Lokapriya, CIO & Managing Director, TCG AMC said to ET Now, “Sputnik announcement would help Dr Reddy’s with a 5-7 per cent earnings upgrade. Domestically, their vaccine prices will be far lower than the export markets.”
