Shares of Dr Reddy’s Laboratory rose 2% in early trade of July 20 to reach a new 52-week high of Rs 5,360 after the US FDA concluded its Pre-Approval Inspection (PAI) and a routine Good Manufacturing Practices (GMP) inspection at its facility in Srikakulam, Andhra Pradesh.

The inspection at the facility that manufactures Active Pharmaceutical Ingredients (APIs) was done between July 10 – July 19, which concluded with zero observation and a No Action Indicated (NAI) classification.

Earlier this week, the share of the drug maker company jumped after the company signed a deal to buy a 26% stake in special purpose vehicle O2 Renewable Energy IX Private Limited.

The investors are eyeing the company’s Q1 report of the current fiscal year, due to be released on July 26.

Most brokerages expect the company to project strong earnings aided by strong US sales.

Moreover, the acquisition of Mayne Pharma was also completed in the first week of April. The quarterly sales will also reflect the sales of the newly acquired portfolio.

At 10:40 am, the shares traded at Rs 5,344.65 or 2.36% above its previous close.