February 18, 2019 / 4:50 AM / 7 months ago

BUZZ-India's Dr.Reddy's gains most in nearly 13 weeks after U.S FDA report

** Shares of Indian drugmaker Dr.Reddy’s Laboratories Ltd climbs as much as 4.9 pct to 2,689.65 rupees, in their biggest intraday pct gain since Nov. 11

** U.S. FDA has closed the Establishment Inspection Report (EIR) for FTO VII, co's formulations manufacturing facility at Duvvada in south India, the drugmaker said here on Saturday

** EIR classifies the inspection as Voluntary Action Initiated, which Nomura says implies that the inspection observations are successfully addressed and brokerage expects product approvals in due course

** Nomura says the development therefore is in line with expectations and helps address investors’concern

** We think the Duvvada formulation site is important with regard to complex product filings and launches in the medium term over the next 2-3 years - Nomura

** Nomura maintains target price of 3,478 rupees and “buy” rating

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