The domestic equity benchmarks traded with deep cuts in afternoon trade. The Nifty traded below the 24,900 level after hitting the day's high of 25,168.75 in early trade. Barring the Nifty Metal index, all the other sectoral indices on the NSE traded in red. At 13:30 IST, the barometer index, the S&P BSE Sensex, slumped 931.43 points or 1.14% to 81,262.79. The Nifty 50 index dropped 272.55 points or 1.08% to 24,872.55. In the broader market, the S&P BSE Mid-Cap index fell 1.06% and the S&P BSE Small-Cap index declined 0.68%. The market breadth was weak. On the BSE, 1,356 shares rose and 2,494 shares fell. A total of 117 shares were unchanged. Gainers & Losers: Asian Paints (up 1.04%), Bajaj Finance (up 0.97%), JSW Steel (up 0.73%), LTIMindtree (up 0.58%) and Hindustan Unilever (up 0.55%) were major Nifty gainers. State Bank of India (down 3.68%), HCL Technologies (down 2.56%), Bharat Petroleum Corporation (down 2.31%), ITC (down 2.23%) and Grasim Industries (down 2.21%) were major Nifty losers. Stocks in Spotlight: Dr Reddy's Laboratories shed 0.38%. The pharma major announced that it has received the establishment inspection report (EIR) from the United States Food & Drug Administration (USFDA) for its API manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh. Angel One slipped 2.23%. The company announced that its client base jumped 62.9% to 26.65 million in August 2024 as against 16.36 million recorded in August 2023. Matrimony.com shed 0.02%. The matchmaking services provider announced that its board has approved a share buyback of up to Rs 72 crore at a price of Rs 1,025 per equity share through tender offer route. VA Tech Wabag rallied 3.62% after the company announced that it has bagged a mega order worth $317 million (approximately Rs 2,700 crore) from the Saudi Water Authority (SWA). KEC International rose 1.15% after the company secured new orders of Rs 1,423 crore for design, supply and installation of 380 kV transmission lines in Saudi Arabia. Rites lost 0.03%. The company has been declared as L-1 bidder by UP State Bridge Corporation for consultancy services for construction of civil works in Uttar Pradesh. Global Markets: European and Asian stocks declined on Friday as investors shifted their focus to the upcoming U.S. payrolls report. The report is expected to shed light on the potential magnitude of a rate cut by the Federal Reserve later this month. Japan's household spending data for July rose 0.1% in real terms from the previous year as compared to a 1.4% fall in June. Data from the Japan's statistics bureau said the average household monthly expenditure for July 2024 was 290,931 yen ($2,031.35), up 3.3% in nominal terms from the previous year. Hong Kong's markets will be shut today due to Super Typhoon Yagi. Overnight in the U.S., all three major indexes declined amid ongoing concerns about the economic outlook. The S&P 500 fell by 0.3%, extending its losing streak to three days, while the Dow Jones Industrial Average dropped 0.54%. However, the tech-heavy Nasdaq Composite managed a modest gain of 0.25%. Adding to the economic uncertainty, ADP reported that private sector job growth in August was the weakest in over three and a half years. Companies hired only 99,000 workers, falling short of both the downwardly revised July figure and market expectations. This marked the weakest month for job growth since January 2021, according to data from the payrolls processing firm. Powered by Capital Market - Live

The inspection has been classified as voluntary action indicated (VAI) and has been closed accordingly said the firm. On 7 June 2024, USFDA had issued form 483 with four observations post inspection at its Andhra Pradesh facility. The good manufacturing practices (GMP) inspection was conducted from 30 May 2024 to 7 June 2024 at the API manufacturing facility. Dr Reddy's Labs is engaged in providing medicines. The firm operates in three segments: global generics, pharmaceutical services and active ingredients (PSAI) and proprietary products. The company's consolidated net profit shed marginally to Rs 1,392.40 crore in Q1 FY25 as against 1,405 crore posted in Q1 FY24. However revenue from operations jumped 13.9% YoY to Rs 7,672.70 crore in Q1 FY25. Shares of Dr.Reddy's Laboratories shed 0.23% to Rs 6,682on the BSE. Powered by Capital Market - Live

Dr. Reddy's Laboratories has received the Establishment Inspection Report (EIR) for its API manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh. The USFDA has classified the inspection as Voluntary Action Indicated (VAI) and concluded that the inspection is closed. Powered by Capital Market - Live

According to the exchange filing the United States Food & Drug Administration (USFDA) has completed a product-specific Pre-Approval Inspection (PAI) at its formulations manufacturing facility in Srikakulam, Andhra Pradesh. The said inspection was conducted from 19 August 2024 to 23 August 2024. Following the inspection, the USFDA has issued a Form 483 with three observations. The company has committed to addressing these observations within the stipulated timeline. Dr Reddy's Labs is engaged in providing medicines. The firm operates in three segments: global generics, pharmaceutical services and active ingredients (PSAI) and proprietary products. The company's consolidated net profit shed marginally to Rs 1,392.40 crore in Q1 FY25 as against 1,405 crore posted in Q1 FY24. However revenue from operations jumped 13.9% YoY to Rs 7,672.70 crore in Q1 FY25. The scrip shed 0.28% to settle at Rs 6,953.20 on Friday, 23 August 2024.Powered by Capital Market - Live

Dr Reddys Laboratories Ltd gained for a third straight session today. The stock is quoting at Rs 7070.4, up 1.51% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.12% on the day, quoting at 24728.5. The Sensex is at 80764.15, down 0.05%. Dr Reddys Laboratories Ltd has gained around 4.42% in last one month. Meanwhile, Nifty Pharma index of which Dr Reddys Laboratories Ltd is a constituent, has gained around 9.29% in last one month and is currently quoting at 22374.25, up 0.83% on the day. The volume in the stock stood at 2.77 lakh shares today, compared to the daily average of 3.85 lakh shares in last one month. The benchmark August futures contract for the stock is quoting at Rs 7076.65, up 1.59% on the day. Dr Reddys Laboratories Ltd is up 19.32% in last one year as compared to a 27.49% jump in NIFTY and a 47.43% jump in the Nifty Pharma index.The PE of the stock is 28.21 based on TTM earnings ending June 24.Powered by Capital Market - Live

Dr Reddys Laboratories has received the Establishment Inspection Report (EIR) for its formulations manufacturing facilities (FTO-7 & FTO-9) in Duvvada, Visakhapatnam. The USFDA has classified the inspection as Voluntary Action Indicated (VAI) and concluded that the inspection is closed under 21 CFR 20.64(d)(3).Powered by Capital Market - Live

Dr Reddys Laboratories has allotted 29,790 equity shares of Rs.5/- each underlying 29,790 ADRs pursuant to Dr. Reddy's Employees ADR Stock Option Scheme, 2007.Powered by Capital Market - Live