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Dr. Reddy's shares are selling fast. Know why.

Shailendra BhatnagarJul 14, 2015, 12:29 IST

Shares of Dr. Reddy's hit a fresh high on news that the pharma giant launched a generic version of a drug controlling Dementia in the booming US market.

Dr. Reddy's rose 0.6 percent, or 21.50 rupees, to 3,779 on the National Stock Exchange, with 147,700 shares changing hands by noon. The stock has surged 41 percent over the past one year and enjoys a market capitalisation of 64,500 crore rupees. The shares are trading at record highs on both exchanges.

Dr. Reddy's said in a statement it had got approval from USFDA to sell generic versions of Namenta tablets under two dosages of 5 mg and 10 mg. The addressable market for this product was $1.4 billion in the most recent 12 months to May 2015, it added.

The company is set to declare results for the first quarter on July 30th.

(Image credit: Indiatimes)