BackDr Reddy’s considers buyback of equity shares on 17 February
The stock hit an all-time high of Rs4,336.70 on 19 October 2015 and since then it fell over 33.4%
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Mumbai: Dr Reddy’s Laboratories Ltd on Thursday said its board will meet on 17 February to consider buyback of equity shares.
In a notice to the BSE, the company said, “A meeting of the Board of Directors of the Company will be held on 17 February, 2016, inter alia, to consider the buyback of equity shares of the Company."
The stock hit an all-time high of ₹ 4,336.70 on 19 October 2015 and since then it fell over 33.4%.
On 5 November, the company got a warning letter from the US food and drug administration for alleged violations in manufacturing standards for its active pharmaceutical ingredient plants at Srikakulam in Andhra Pradesh and Miryalaguda in Telangana, and an oncology formulations facility in Visakhapatnam (Andhra Pradesh).
On Tuesday, the company said its net profit rose by 1% to ₹ 579.20 crore in the December quarter as compared to ₹ 574.50 crore a year ago. Sales rose 3% to ₹ 3,967.9 crore from ₹ 3,843.1 crore in the previous year.
At 9.38am, Dr Reddy’s Laboratories Ltd was trading at ₹ 2,957.10 on BSE, up 2.4% from previous close, while India’s benchmark Sensex Index fell 0.44% to 23,655.03 points.
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