Dr Reddys Laboratories has moved higher by 3% to Rs 2,978 on the National Stock Exchange (NSE) in an early morning trade after the drug maker announced share buyback plan.
“A meeting of the board of directors of the company will be held on February 17, 2016, to consider the buyback of equity shares of the company,” Dr Reddys Laboratories said in a statement.
As of December 31, 2015, the promoters held 25.57% stake in Dr Reddy’s Laboratories, while the public shareholders held 74.43% holding, the shareholding pattern data shows.
In past six months, the stock has underperformed the market by falling 32% as compared to 15% decline in Nifty50 index till yesterday.
At 09:30 AM, the stock was up 2.5% at Rs 2,958 against 0.44% fall in the benchmark index. A combined 153,303 shares changed hands on the counter on the NSE and BSE.