Dr Reddy's shares jump 5 pc

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New Delhi, Apr 12 (PTI) Shares of Dr Reddy's Laboratories on Monday jumped 5 per cent after an expert panel approved emergency use of Russia's COVID-19 vaccine Sputnik V in India, with certain conditions.

In September last year, the company had partnered with the Russian Direct Investment Fund (RDIF) to conduct clinical trials of Sputnik V and for its distribution rights in India.

The stock gained 4.83 per cent to close at Rs 4,989.20 on the BSE. During the day, it zoomed 7.57 per cent to Rs 5,119.90.

On the National Stock Exchange (NSE), it rose 4.97 per cent to close at Rs 4,996.95.

It was the biggest gainer on both the indices.

The company's market valuation gained Rs 3,817.36 crore to Rs 82,966.36 crore on the BSE.

An expert panel of India's central drug authority has recommended granting approval to Russian COVID-19 vaccine Sputnik V for emergency use in the country with certain conditions, sources said.

The Subject Expert Committee (SEC) of the Central Drugs Standard Control Organization (CDSCO) on Monday took up the application of Dr Reddy's Laboratories seeking emergency use authorisation for Sputnik V.

The Drugs Controller General of India (DCGI) will take a final call on the recommendation. If approved, it will be the third COVID-19 vaccine to be available in India.

The vaccine would be imported from Russia for emergency use in the country, they said.

The Drugs Controller General of India (DCGI) has already given the emergency use authorisation for two COVID-19 vaccines -- Covaxin of Bharat Biotech and Covishield of Oxford-AstraZeneca, being manufactured by Serum Institute of India in Pune. PTI SUM HRS hrs