Dr Reddy's Laboratories Shares Rise After Acquiring Haleon’s Nicotine Replacement Therapy

Hyderabad-based Dr Reddy Laboratories, one of the more-noticed names in the pharma business, has been in the headlines for the past few days now. In a recent development, the company shares jumped over 2 per cent in intraday trade on Wednesday, July 3.

Dr Reddy's Acquires NRT

This development came to pass after the pharma company's acquisition plans for British pharma company Haleon's Nicotine Replacement Therapy were made public.

The company is reported to have spent Rs 5,301 crore on the deal. This move is expected to help the company's over-the-counter business.

In addition, this rise in shares comes just a few days after stockbroking company Prabhudas Lilladher issued a 'Buy' call for the company's shares.

The brokerage company also set a target of Rs 6,500 for its shares. Interestingly, at the halfway mark of the intraday trading session, the company shares zoomed by over 2 per cent, taking them past the previously mentioned target of Rs 6,500.

When it comes to the company's Q4 performance, the company's overall revenue came up to Rs 7,083 crore in the final quarter of FY24.

Shares Rise By Over 1%

This marked a 12.5 per cent jump in its previous cycle, when it was at Rs 6,297 crore. In addition, it had a consolidated net profit of Rs 1,307 crore. However, according to reports, it was still below estimates.

After a great start to the day, Dr Reddy's Laboritaries shares, which surged by over 2 per cent, tapered away and lost their momentum slightly as the surge declined marginally. At 13:11, the company shares increased by 1.37 per cent or Rs 87.10, taking the cumulative value to Rs 6,457.35 per share.

Meanwhile, some of the other pharma stocks are trading in red. Divi Laboratories and Cipla declined by under 0.50 per cent, while Sun Pharma is trading at an increase of 0.056 per cent.