Dr Reddy’s declines as Credit Suisse maintains ‘underperform’

The company is planning to launch more than 20 products in the US in FY20 and aiming to grow 2-3% higher than market growth rate in India, says Credit Suisse.

Share price of Dr Reddy’s Laboratories declined 1.6 percent intraday Thursday as Credit Suisse has maintained underperform rating on the stock.

The global research house has kept a target of Rs 2,415 per share.

The company is planning to file multiple oncology injectable products in CY19. The oncology injectable launches could drive strong growth in China, said Credit Suisse.

According to research house, the good part of cost control has been achieved, while growth in absolute SG&A should be less than sales growth.

The company is planning to launch more than 20 products in the US in FY20 and aiming to grow 2-3% higher than market growth rate in India, it added.

At 10:51 hrs, Dr Reddy’s Laboratories was quoting at Rs 2,722.90, down Rs 42.25, or 1.53 percent on the BSE.

reddy

The share touched its 52-week high of Rs 2,875 and 52-week low of Rs 1,888 on February 4, 2019 and May 21 , 2018, respectively.

Currently, it is trading 5.2 percent below its 52-week high and 44.36 percent above its 52-week low.

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