Dr Reddy’s share price jumps 4% on Nuvama’s upgrade to buy; brokerage sees potential despite risks from Revlimid expiry
Live MintDr Reddy's share price jumped almost 4% during Wednesday’s trading session after Nuvama Institutional Equities, a brokerage firm, raised its rating on the stock from ‘Reduce’ to ‘Buy,’ setting a target price of ₹1,553. The brokerage noted that the expiration of the Revlimid patent in 2026 presents a considerable risk to Dr Reddy's earnings growth, as the medication accounts for approximately 40% of its FY24 EBITDA. Dr Reddy's share price today On Wednesday, Dr Reddy's share price opened at ₹1,370.90 apiece on the BSE, the stock touched an intraday high of ₹1,404.60 per share and an intraday low of ₹1,361.55 apiece. Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, said that Dr Reddy's share prices witnessed a sharp move during the opening hour as, after a gap up, prices went on to test beyond 1,400 levels.