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Dr Reddy’s touches 52-wk high after results

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Shares in Dr Reddy’s Lab soared to their 52-week high of 1667 rupees on the first day of trade after the company declared quarterly results.

Dr Reddy’s Laboratories Ltd, India’s No. 2 drugmaker by sales, on Saturday reported a 32 percent jump in net profit for the quarter ending September, topping estimates.

Shares in Dr Reddy’s closed 1.3 percent higher at 1638 rupees.

The drugmaker said domestic sales jumped 25 percent in the quarter, helping boost profits.

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Healthcare stocks surprise in a weak mkt

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MARKETS-SOUTHASIA-STOCKSThe BSE Healthcare index bucked the trend on Friday and rose over 5 percent in a weak market that saw the main index closing 0.5 percent lower.

Dr. Reddy’s shares jumped over 10 percent, Orchid Chemicals gained over 9 percent, and Aurobindo Pharma rose over 8 percent.

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