Dr. Reddy's Laboratories Announces Launch of the Sputnik V vaccine in the Indian Market

Dr. Reddy's Laboratories Ltd. (BSE: .500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY, hereafter referred to as "Dr. Reddy's") today announced that the first consignment of imported doses of the Sputnik V vaccine that landed in India on 1st May, 2021, received regulatory clearance from the Central Drugs Laboratory, Kasauli, on 13th May, 2021. As part of a limited pilot, the soft launch of the vaccine has commenced and the first dose of the vaccine was administered in Hyderabad today on 14th May, 2021.

Further consignments of imported doses are expected over the upcoming months. Subsequently, supply of the Sputnik V vaccine will commence from Indian manufacturing partners. The imported doses of the vaccine are presently priced at an MRP of Rs 948 + 5% GST per dose, with the possibility of a lower price point when local supply begins. The Company is working closely with its six manufacturing partners in India to fulfill regulatory requirements to ensure smooth and timely supply.

Dr. Reddy's will work closely with stakeholders in the Government and private sector in India to ensure the widest possible reach of the Sputnik V vaccine as part of the national inoculation effort. This is a reaffirmation of the Company's commitment to explore every avenue in the fight against the COVID-19 pandemic in India. G V Prasad, Co-Chairman and Managing Director, said: "With the rising cases in India, vaccination is our most effective tool in our battle against COVID-19. Contributing to the vaccination drive in India is our biggest priority right now to help Indians be healthy and safe."

Shares of DR.REDDY'S LABORATORIES LTD. was last trading in BSE at Rs.5302 as compared to the previous close of Rs. 5293.6. The total number of shares traded during the day was 38288 in over 4024 trades.

The stock hit an intraday high of Rs. 5339.75 and intraday low of 5274.05. The net turnover during the day was Rs. 203047658.

Source : Equity Bulls

Keywords