Investors kept a close eye on the company's June quarter earnings slated to be released on July 26. The pharma major is expected to report growth in its earnings on the back of strong U.S. sales.

Last week, Dr. Reddy's signed a deal to acquire a 26% stake in special purpose vehicle O2 Renewable Energy IX Private Limited. The company entered into a security subscription and shareholders’ agreement for consumption and supply of renewable energy, with TEQ Green Power XI Private Limited and O2 Power SG Pte Ltd, for investment in O2 Renewable Energy in the ratio of 26:74.

The objective of the deal was to get access to renewable power through solar and wind power plants through (Inter-State Transmission System) ISTS under the captive structure.

In a separate release, the company also informed exchanges that its biologics licence application for its proposed biosimilar rituximab candidate has been accepted for a substantive review by the USFDA. This closely follows acceptance of the rituximab biosimilar dossier for review by two other regulatory agencies -- the European Medicines Agency (EMA) and the U.K.'s Medicines and Healthcare products Regulatory Agency (MHRA). DRL_RI is being developed as a biosimilar of rituximab, a cluster of differentiation 20 (CD20) directed cytolytic antibody. This is approved for various indications including for the treatment of adult patients with rheumatoid arthritis, non-Hodgkin's lymphoma, chronic lymphocytic leukemia, pemphigus vulgaris, granulomatosis with polyangiitis and microscopic polyangiitis.

DISCLAIMER: The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its editorial team. Readers are advised to consult certified experts before taking investment decisions.

Dr. Reddy's Srikakulam facility

Dr. Reddy's shares hit 52-week high as USFDA completes inspection of API plant