Nod for buyback: Dr Reddy’s soars

The Dr Reddy’s Laboratories scrip gained 4.52 per cent on the BSE on Thursday to end at ₹3,094.95. The board of directors of the Hyderabad-based company had on Wednesday approved a proposal to buy back equity shares of the company for an aggregate amount not exceeding ₹1,569 crore at a price not exceeding ₹3,500 a share. The buyback is proposed on account of the company’s strong cash flow position and is expected to be EPS accretive contributing to an overall enhancement of value for shareholders going forward. Our Bureau