Dr Reddy's Laboratories share rose over 8% in last two sessions after Russian Direct Investment Fund (RDIF) agreed to supply 100 million doses of its coronavirus vaccine, Sputnik-V, to the Indian pharma firm. The move is part of Moscow's plans to distribute its vaccine abroad. The stock which closed 4.24% higher in the previous session gained 4.21% or Rs 195 to close at Rs 4,826 on BSE today.
The stock touched an all-time high of Rs 4845 today, rising 4.61% against previous close of Rs 4,631 on BSE.
Dr Reddy's Lab share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 76% in one year and gained 67.76% since the beginning of this year. Total 3.07 lakh shares changed hands amounting to turnover of Rs 146.28 crore on BSE.
Market cap of the firm rose to Rs 80,239 crore on BSE. In three days, the share has gained 10.58%.
Dr. Reddy's will carry out Phase III clinical trials of the vaccine in India, pending regulatory approval. Deliveries could potentially begin in late 2020 subject to completion of successful trials and registration of the vaccine by regulatory authorities in India, the pharma firm said on Wednesday.
On August 11, the Sputnik V vaccine developed by the Gamaleya National Research Institute of Epidemiology and Microbiology was registered by the Ministry of Health of Russia and became the world's first registered vaccine against COVID-19 based on the human adenoviral vectors platform.
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors.