Dr. Reddy’s Laboratories shares jumped almost 5% on tie-up with RDIF for vaccine trials in India:

Dr. Reddy’s Laboratories: It is one of the largest multinational pharmaceutical companies in India located in Hyderabad. The company was founded by Anji Reddy, who works in Indian drugs and pharmaceuticals limited. The company manufactures and markets different pharmaceuticals across India. However, the company manufactures almost 190 medications, 60 APIs include drugs, diagnostic kits, and biotechnology products. The present chief executive officer (CEO) of the company is G.V. Prasad.

Meanwhile, on Wednesday, September 16th, the company shares jumped almost 5% in the stock market. The main reason for this is the company tie-up with the Russian Direct Investment Fund (RDIF) and Russia’s Sovereign Wealth Fund to conduct the clinical trials and distribution of the Sputnik-V vaccine in India.

Besides, Kiril Dmitriev, CEO of RDIF said, as per the agreement the RDIF will supply 100 million doses of COVID-19 vaccines to Dr. Reddy’s Laboratories. He also mentioned the Sputnik-V vaccine for the adenoviral vector platform. If the trails succeed the vaccine will be available in India at the end of November 2020.

Whereas the Russian Direct Investment Fund (RDIF) is also in talks with four other Indian Manufacturers for producing and distributing the vaccines across India.

“However, Russia’s Sputnik-V vaccine showed positive results in Phase I and Phase II.  We will be conduct Phase-III trials in India, in order to meet the requirements of the Indian regulators. The vaccine will provide a credible option in our fight against COVID-19 in India,” said G.V Prasad, CEO of Dr. Reddy’s laboratories.However, the shares of Dr. Reddy’s Laboratories Limited reported a bullish trend in the stock market on Wednesday. The company gained 197.25 points with a 4.44% increase and reached 4,639.60 INR. While in BSE, the company gained 188.35 points with a 4.24% increase and reached 4,631.55 INR.

Stock Market September 16th: 

On Wednesday, both Sensex and Nifty continues its bullish trend in the stock market from the last session. The Sensex is trading above 39,300 levels and the Nifty is trading above 11,500 levels in the stock market. The Sensex gained 258.50 points with a 0.66% increase and reached a 39,302.85 level. While Nifty gained 77.95 points with a 0.68% increase and reached 11,599.75 level.

On the other side, the number of coronavirus cases in India reached 50,20,359 as of Wednesday, September 16th, and deaths reached 82,066.

In the border markets, the S&P BSE SmallCap reported a bullish trend in the stock market on Wednesday. It gained 67.33 points with a 0.44% increase and reached a 15,430.90 level. The S&P BSE MidCap gained 31.06 points with a 0.21% increase and reached a 15,045.80 level. While the Nifty Bank gained 107.90 points with a 0.48% increase and reached 22,573.55 level.

Top Gainers on September 16th: M&M, Dr. Reddy’s Laboratories, Bajaj Auto, and Britannia Industries are the top gainers in today’s stock market.

Top Losers on September 16th: IndusInd Bank, NTPC, Bharti Infratel, ONGC, and SBI are the top losers in today’s stock market.