Sensex rises 200 pts, Nifty above 10,650; OMCs rally up to 7%Dr Reddy’s Laboratories files lawsuit in US District Court: Shares of Dr Reddy’s Laboratories rose 1.3 percent as company filed lawsuit in the United States District Court.
The company’s wholly-owned subsidiary Promius Pharma LLC has filed a lawsuit for patent infringement in the United States District Court for Eastern District of Texas against Perrigo UK FINCO Limited Partnership, Perrigo Israel Pharmaceuticals and Taro Pharmaceuticals Inc, in response to two paragraph-IV notice letters received for its twice daily topical spray Sernivo product.
Promius anticipates this lawsuit will trigger a 30 month stay of FDA approval of Perrigo’s and Taro’s ANDAs. Benchmark indices rallied further, continuing uptrend for the third consecutive day following steep fall in crude oil prices and recovery in the rupee.
The Sensex is up 200 points and the Nifty is marching towards 10,700 levels while the Nifty Midcap outperforms frontliners, rising nearly a percent.
Nifty Pharma index hogs limelight, rising 3 percent driven by Sun Pharma that jumped 8 percent following March quarter earnings.
Nifty Bank index gains more than 250 points while the IT index falls over 1.5 percent on appreciation in the rupee.
Manpasand Beverages is locked at 20 percent upper circuit after its statutory Auditor Deloitte Haskins & Sells resigns last week.>