Dr.Reddy’s gets a 'shot'

Yesterday evening, Dr.Reddy’s Labs announced that it has signed an agreement with Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, to conduct clinical trials and distribute 100 million doses of its vaccine, Sputnik V in India.

Deliveries could potentially begin in late 2020, subject to completion of successful trials and registration of the vaccine by regulatory authorities in India.

The market is exactly ecstatic but at the same time not tepid about this news. The Russian vaccine as such did not elicit a great sense of relief and that probably explains the mixed feelings.

The stock price opened 1.5% higher today morning at Rs.4700 and rose further to Rs.4748, a jump of 2.5% Volumes are pretty robust, up almost 3 times.