1:5 Stock Split of Dr Reddy's Laboratories: Record Date On October 28; BUY/SELL?

Hyderabad is home to the international pharmaceutical company Dr. Reddy's Laboratories in India. It was founded in 1984 with the goal of providing individuals access to new and reasonably priced medicines. The firm offers a range of products and services, such as OTC, branded generics, biosimilars, generics, and APIs. The United States, India, China, Brazil, Russia the CIS, and Europe are the main markets of the company.

Dr Reddy's Laboratories Record Date For Stock Split

"This is to inform you that the Company has fixed Monday, October 28, 2024 as the "Record Date" for determining entitlement of Equity Shareholders for the purpose of sub-division/ split of each equity share of Rs. 5/- (Rupees five only) each, fully paid-up into 5 (five) equity shares of Re. 1/- (Rupee one only) each, fully paid-up, as approved by the Members of the Company through Postal Ballot on September 12, 2024, and intimated to the Stock Exchanges vide our letter dated September 12, 2024," said the company in a stock exchange filing.

Dr Reddy's Laboratories Latest News

On October 2, Dr. Reddy's Laboratories Ltd. and its subsidiaries said that they had signed a royalty-free, non-exclusive voluntary license deal with Gilead Sciences Ireland UC to produce and market the medicine Lenacapavir in India and 120 other nations. A non-exclusive voluntary license to produce Lenacapavir for the currently authorised indication of HIV therapy in heavily treatment-experienced (HTE) individuals with multi-drug resistant HIV has been given to Dr Reddy's, and the medicine will be sold in 120 countries.

Technology transfer at the production site, bioequivalency/clinical studies, product registration, and product launch in the designated markets will all fall within Dr. Reddy's purview. Furthermore, if authorised, the agreement grants Dr. Reddy's permission to produce and market lenacapavir for the indication of HIV prophylaxis (PrEP) in 120 countries.

Deepak Sapra, Chief Executive Officer- API and Services, Dr. Reddy's Laboratories Ltd., said: "Lenacapavir marks an important milestone for Dr. Reddy's in patient access and affordability for pre and post exposure treatment of HIV. The collaboration with Gilead will help us make this latest treatment option available to patients in 120 primarily low- and lower- middle income countries, including in India. Many of these countries have a very high disease burden of HIV. This is an important endeavour in our journey to create impact on 1.5 billion patients by 2030."

Dr Reddy's Laboratories Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "The stock of DRREDDY is currently in a sideways trend in the short term, as it has been consolidating between the levels of Rs 6,500 and Rs 6,700. The stock has shown a strong bounce-back from its support level of Rs 6,500, indicating a potential bullish trend. If the stock manages to close above the key resistance level of Rs 6,780, it could advance further, with a short-term target of Rs 7,300. The Relative Strength Index (RSI) is at 46.20, slightly below the neutral mark of 50, suggesting mild bearish momentum."

"However, the RSI is diverging from the price action, which could indicate a potential reversal in the near future. Additionally, the stock is currently trading below its 20-day and 50-day Exponential Moving Averages (EMA), but remains above its 200-day EMA, signaling that the long-term trend may still be intact," Mandar Bhojane added.

"To prudently manage risk, it is advisable to set a stop-loss (SL) at Rs 6330. This will help protect your investment in case of an unexpected market reversal. In summary, based on technical analysis and current market conditions, DRREDDY appears to present an appealing buying opportunity for those targeting prices of Rs 7300, provided that appropriate risk management measures are in place," the analyst further recommended.

Disclaimer

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