Dr Reddy’s Laboratories trading higher by 2.4% at Rs 4,284 on the BSE after the drug maker said that the promoter buying shares of the company through open market.
The stock hit an intra-day high of Rs 4,308, is less than 1% away from its lifetime high of Rs 4,337 touched on August 14 this year.
“Dr. Reddy’s Holdings, the promoter group company acquired 6,500 shares of the company from open market through stock exchange on September 22, 2015,” Dr Reddy’s Laboratories said in a BSE filing.
Post acquisition, Dr. Reddy’s Holdings stake in the company increased to 23.35% from 23.34% earlier, it added.
Dr. Reddy’s Holdings, which held 23.31% stake in Dr Reddy’s Laboratories as of June 30, 2015, has bought 66,250 of the company through open market in July-September quarter, data shows.
Since June 30, the stock has rallied 21% from Rs 3,551 compared to 3% decline in the S&P BSE Sensex.