Signals, Powered By EquityPandit
Dr Reddy’s Laboratories has reported a consolidated net profit of Rs 570.8 crore in the first quarter of FY22, a 1.5 per cent dip on a year-on-year basis. In comparison, revenue from operations grew by 11.4 per cent to Rs 4,919.4 crore during the quarter.
Dr Reddy’s said it had received a subpoena (written order to attend court to give evidence) from the American market regulator Securities and Exchange Commission (SEC) for producing documents concerning the Commonwealth of Independent States (CIS) geographies.
The stock fell 10.4 per cent to Rs 4,844.35 (hitting the lower circuit) on Tuesday after reporting lower-than-expected quarterly earnings for Q1FY22 and the US market regulator’s subpoena on documents for CIS geographies.
- Uber Gets Slapped with £250 Million Lawsuit from London’s Black Cab Drivers
- Dabur India Shares Rally 5% on Strong Q4 Earnings
- Adani Enterprises Shares Fall 1% on Weak Q4 Earnings
- Avaada Energy Receives Rs 1,190 Crore Loan for Solar Project
- GE T&D India Shares Hit 52-Week High on Securing New Orders
Kunal Randeria of Edelweiss Securities said the disappointing numbers, the big margin miss, and the subpoena by the US SEC following an investigation into practices in Ukraine were the reasons behind the stock fall.
Stock Covered in the news
