Shares of Dr Reddy's Laboratories (DRL) on Monday surged 6.5 per cent after the company launched the generic version of Astrazeneca's Nexium, used to treat acid reflux, in the US market.
The stock jumped 6.32 per cent to Rs 4,222.75 at the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), it rose by 6.46 per cent to Rs 4,226.90.
The scrip was the top gainer among the blue-chip stocks on both Sensex and Nifty.
In a BSE filing, DRL said it has launched Esomeprazole magnesium delayed release capsules USP, 20 mg and 40 mg, a therapeutic equivalent generic version of Nexium delayed release capsules, in the US market on September 25, following approval from the US Food and Drug Administration.
Quoting IMS Heath data, the company said Nexium and generic had US sales of approximately $5.2 billion for the most recent 12 months ending in July, 2015. Eesomeprazole is a proton pump inhibitor that decreases the amount of acid produced in the stomach.
Shares of the company closed 5.54 per cent up at Rs 4191.85 apiece on BSE. The scrip closed 5.23 per cent up at Rs 4,177.90 apiece on NSE.