Wednesday, 29 October 2014

300 feared missing as mudslides hit Sri Lanka tea region


Dr Reddy's Laboratories Ltd(REDY.NS), India's second-largest drugmaker by revenue, reported a 17 percent drop in its second-quarter profit due to higher costs, pushing its shares down nearly 3 percent on Wednesday.
The company also said it bought the rights to sell the nicotine patch Habitrol in the United States from Novartis Consumer Health Inc, a unit of Swiss firm Novartis (NOVN.VX).
The agreement was entered into on Oct. 18 and is subject to a review by the U.S. Federal Trade Commission, Dr Reddy's said in a statement to the exchanges, without disclosing further details.
The company reported a net profit of 5.74 billion rupees ($93.6 million) for the quarter ended September, down from 6.90 billion rupees a year earlier.
Dr Reddy's shares were down 1.8 percent at 3,025 rupees at 1:11 p.m, while the Nifty was up 0.46 percent