Dr Reddy’s Stock: Pharma company Dr Reddy’s shares rose by 10 per cent to reach Rs 5300 today. It is 52 weeks high.
Dr Reddy’s Stock
Pharma company Dr Reddy’s shares continued to rise for the fourth consecutive day. Today, the company’s stock rose by 10 percent to Rs 5300. This is a 52-week high for the stock. The stock has gained more than 20 percent in the last 4 days. Pharma share is among the top gainers of this year. The stock price has more than doubled since its low in March. At the same time, it has increased more than 100 percent due to the low of 6 months ie March.
Rose 112 percent in 6 months
In today’s business, Dr. Reddy’s stock rose nearly 10 percent and reached the price of Rs 5300. On Thursday, it closed at a price of Rs 4827. At the same taime, in the last 6 months, the stock has increased by 112 percent. On March 19, Dr. Reddy came to his 1-year low of Rs 2495. Today, it reached the price of Rs 5300. That means about 112 percent return in 6 months. Talking about this year so far, it has increased 80 percent.
Investors earned 8000 crores in 1 day
Today, with a rise of 10 percent, Dr. Reddy’s market cap has increased to close to Rs 88110 crore. Whereas yesterday the company’s market cap was Rs 80239 crore. At the same time, the investors’ wealth increased from 41521 crore to 88109 crore i.e. more than doubled in 6 months.
Why is the boom coming?
Demand for medicines has increased worldwide during the period of COVID 19. People have taken treatment taking normal viral or minor diseases seriously. Due to this, sales of pharma companies have increased, which has also seen the benefit of growth in the stock.
RDIF has signed an agreement with Indian company Doctor Reddy’s to produce 100 million vaccine doses in Russia. Russia’s RDIF will work closely with Dr. Reddy’s Laboratories for clinical trials and delivery of Sputnik-V vaccines in India.
Dr. Reddy has finished the case of a patent for cancer medicine in America. This is a generic version of the drug. According to analysts, in the near future, this stock can trade in the range of Rs 4,546 to Rs 5,054. Sentiment got better today with this news.
Will the fast continue
Brokerage house MK Global Financial has given a target rating of Rs 5325, giving a hold rating to Dr Reddy’s. The company’s conso sales stood at Rs 4417.50 crore in the June quarter, down 0.32 percent from the quarter-on-quarter. While on an annual basis, it is 14.93 percent higher. 4431.80 crores and 3843.60 crores in the previous quarter and same quarter a year ago. The company’s net profit has been 586.90 crores.
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