Dr Reddys receives EIR for Srikakulam plant, shares soar

New Delhi: Shares of Dr Reddy's Laboratories Ltd soared by 7.5% after the company said it has received establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) for part of its Srikakulam plant in Andhra Pradesh.

The stock surged 7.47% to settle at Rs2,486.45 on BSE. During the day, it jumped 7.9% to Rs2,496.50. On NSE, shares of the company soared 7.42% to close at Rs2,486.55. The stock was the biggest gainer among the blue chips on both the key indices.

The company's market valuation went up by Rs2,864.35 crore to Rs 41,223.35 crore. In terms of equity volume, 3.19 lakh shares of the company were traded on BSE and over 40 lakh shares changed hands on NSE during the day.

The company has received EIR from the USFDA for its formulations manufacturing facility at Srikakulam unit II, Dr. Reddy's said in a filing to BSE. It, however, did not state if the US health regulator had made any observation in the EIR.

In a separate filing, Dr Reddy's Laboratories said it has received zero observations for its custom pharmaceutical services facility, technology development centre, at Miyapur in Hyderabad after the audit of the facility by the USFDA.