Dr Reddy's Laboratories share rose over 4% after Drugs Controller General of India (DCGI) approved the anti-COVID drug developed by DRDO (Defence Research and Development Organisation) in collaboration with the pharma firm for emergency use.
Dr Reddy's Labs share opened with a gain of 3.02% at Rs 5,330 against previous close of Rs 5,173 on BSE.
The pharma stock touched an intraday high of Rs 5,422, rising 4.8%.
Dr Reddy's Labs share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The pharma share has gained 33.36% in one year and risen 2.08% since the beginning of this year. Market cap of the firm rose to Rs 88,454 crore.
0.95 lakh shares of the firm changed hands amounting to turnover of Rs 50.71 crore on BSE.
The drug, 2-deoxy-D-glucose (2-DG), to treat coronavirus patients has been developed by the Institute of Nuclear Medicine and Allied Sciences (INMAS), a lab of Defence Research and Development Organisation (DRDO), in collaboration with Dr Reddy's Laboratories, Hyderabad.
INMAS-DRDO scientists had in April 2020, during the COVID-19 first wave, carried out laboratory experiments with the Centre's help for Cellular and Molecular Biology (CCMB), Hyderabad. The researchers found that this molecule works effectively against the SARS-CoV-2 virus and impedes viral growth.
Meanwhile, Sensex was trading 308 points higher at 49,514 and Nifty rose 110 points higher at 14,933.