Dr. Reddy’s Laboratories Rises Over 3% Board Recommends Dividend Of Rs 20 Per Share

The stock of Dr. Reddy’s Laboratories Ltd, a leading pharmaceutical company on Monday rose more than 3% on the BSE. It is trading at Rs 2666 per share, up by 3.1% at 12:28 PM IST. It hit a high of Rs 2668.85 and a low of Rs 2594.65 so far during the day.

The company on Friday reported a Profit after Tax at Rs 3.1 billion rupees for the quarter ended March 2017. The board of directors of the company on Friday also announced that it has recommended a final dividend of Rs. 20/- (400%) per equity share of Rs. 5/- face value, for the financial year 2016-17.

The board has also granted 151,212 stock options, exercisable at par value of Rs.5/- under 'Dr. Reddy's Employees Stock Option Scheme, 2002' and 63,304 stock options, exercisable at par value of Rs.5/- under 'Dr. Reddy's Employees ADR Stock Option Scheme, 2007' to the employees of the Company, as per BSE filing.

Major stocks of the pharmaceutical sector such as Piramal Enterprises, Bliss GVS Pharma, J.B. Chemicals and Sequent Scientific are also trading in the range of 3-10% on Monday.

Also in morning session, Alembic Pharmaceuticals rallied 2.3% as it announced that it has received approval from the USFDA for its Abbreviated New Drug Application (ANDA).

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