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Dr Reddy's Lab share climbs 4% as Russia to supply 100 mn Covid-19 vaccine doses to pharma firm

BusinessToday.In     September 16, 2020

Dr Reddy's Laboratories share rose over 4% today 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 has gained 6.12% in the last 2 days. The stock touched an intraday high of Rs 4651.95, a rise of 4.7% 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 70% in one year and gained 61% since the beginning of this year. Later, the stock closed 4.24% or Rs 188 higher at Rs 4,631 on BSE.

Total 0.99 lakh shares changed hands amounting to turnover of Rs 45.14 crore on BSE.

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 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.

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