There was good news for Dr.Reddys lab this weekend. Its API Srikakulam plant (SEZ) located in Andhra Pradesh completed the US FDA audit with zero observations.

This plant caters mainly to the US market and company is extremely optimistic about its future stating that it expects to launch over 15 products in the U.S. market in the current financial year. The company has over 100 abbreviated new drug applications lined up for approval with the U.S. Food and Drug Administration.

Naturally, the market is thrilled with the news and the stock price rose over 3.5% to Rs.2010.90 and is currently the second top gainer on the BSE.