Dr Reddy's Laboratories share rose over 6% in trade today after Sputnik V, which has already been rolled out in Russia and several other countries, was found to be 91.6% effective against Covid-19 cases in trial results published by The Lancet, a leading medical journal.
The pharma stock touched an intraday high of Rs 4,759.1 rising 6.13% against previous close of Rs 4,484.25 on BSE. The share trades higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.
The stock has gained 48.49% in one year and fallen 10.33% since the beginning of this year. Market cap of the firm rose to Rs 77,601 crore. The stock has risen 5.01% in the last 2 days.
The Indian pharma giant has collaborated with the Russian Direct Investment Fund (RDIF) to conduct clinical trials of Sputnik V vaccine as well as for its distribution in September 2020. Upon regulatory approval in India, RDIF shall supply to drug maker Dr Reddy's 100 million doses of the vaccine.
Sputnik V has been developed by the Gamaleya National Research Center of Epidemiology and Microbiology and RDIF.