Money on the markets
A maturing market amid the mayhem
Shares in Dr Reddy’s dropped 1.6 percent on Thursday despite the drugmaker reporting a 7.5 percent rise in profit for the June quarter.
Net profit was at 2.44 billion rupees ($52 million), up from 2.27 billion rupees a year earlier, according to a posting on the National Stock Exchange.
Shares in the counter have given a positive return of over 20 percent so far this year. Do you think it is the right time to invest in the stock?
Dr Reddy’s shares hit an intra-day high of 900 rupees on Friday before closing 3.6 pct up at 865.45 rupees.
Shares in the drugmaker jumped to a 3-1/2-year high on a report that GlaxoSmithline is in talks to buy a 5 percent stake in the company for $150 million.