Shares of Dr Reddy’s Laboratories witnessed a significant surge, climbing over 2 percent to reach a 52-week high of Rs 6,453.95. The uptick follows a report by CNBC-TV18 revealing the company’s involvement in the bidding process for Novartis AG’s stake in Novartis India.
Dr Reddy’s management has consistently expressed interest in acquiring a domestic-focused portfolio, a sentiment reiterated in recent earnings calls.
The strategic review initiated by Switzerland-based pharma giant Novartis AG on February 16 encompasses a comprehensive assessment of Novartis India, including the evaluation of Novartis AG’s 70.68 percent shareholding in the Indian subsidiary.
As of 11:01 am, shares of Dr Reddy’s Laboratories continued to trade on a positive trajectory, marking a 1.60% increase at ₹6,418.40, reflecting investor optimism regarding the potential acquisition and strategic expansion plans.
