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Based in UK, the Mercury Pharma Group is a specialty pharmaceutical company.
Progynova (estradiol valerate) is an oral hormone replacement therapy indicated for the treatment of estrogen deficiency symptoms and for the prevention of postmenopausal osteoporosis.
Cyclo Progynova (estradiol valerate and norgestrel) is a combined hormone replacement therapy indicated for the treatment of estrogen deficiency symptoms, providing both estrogen and progestogen components.
As per IQVIA MAT December 2025, the Progynova brand had recorded sales of Rs 100 crore.
The company stated that this acquisition would strengthen Dr. Reddy’s gynaecology portfolio and mark its strategic entry into the hormone replacement therapy segment.
The total cost of this acquisition of $32.15 million, which at the prevailing exchange rate of Rs 91.09 per dollar, translates to Rs 292.85 crore.
M.V. Ramana, chief executive officer, branded markets (India and Emerging Markets), Dr. Reddy’s, said: 'The acquisition will serve as the spearhead of our expansion into the HRT segment, strengthening our existing gynaecology portfolio in India.
With our established market access, we are uniquely positioned to extend the reach of the acquired assets and deliver greater impact.'
Hyderabad-based Dr. Reddy’s Laboratories is a global pharmaceutical company. It offers a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC.
The company had reported a 14.4% decline in consolidated net profit to Rs 1,209.8 crore despite of 4.4% jump in revenue to Rs 8,716.8 crore in Q3 FY26 over Q3 FY25.
The scrip rose 0.21% to currently trade at Rs 1283.55 on the BSE.
Auto shares tumbled after advancing in the past two trading sessions.
At 12:25 PM ST, the barometer index, the S&P BSE Sensex fell 666.46 points or 0.80% to 83,050.26. The Nifty 50 index declined 200.20 points or 0.76% to 25,621.35.
In the broader market, the BSE 150 MidCap Index fell 0.68% and the BSE 250 SmallCap Index dropped 0.46%.
The market breadth was positive. On the BSE, 1,471 shares rose and 2,413 shares fell. A total of 217 shares were unchanged.
India AI Impact Summit 2026
Prime Minister Narendra Modi announced the MANAV Vision for AI. He denotes MANAV as M: moral and ethical system, A: accountable of governance, N: national sovereignity (right to data), A: accessible and inclusive, V: valied and legitimate.
Apart from PM Modi, key business and tech stalwarts like Mukesh Ambani, Sam Altman, and Sundar Pichai also addressed keynote sessions. French President Emmanuel Macron also addressed in the Delhi AI Summit.
Tata Sons Chairperson N Chandrasekaran stated that he wanted to thank the vision of our Prime minister, which made it possible for us to make a serious foray into chips and semiconductors. What we will do next is to build chips that are very domain centric, which will be totally AI optimised. for every industry, and we will first launch or work towards getting it ready for the automotive sector.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 9.18% to 13.35. The Nifty 24 February 2026 futures were trading at 25,627, at a premium of 5.65 points as compared with the spot at 25,621.35.
The Nifty option chain for the 24 February 2026 expiry showed a maximum call OI of 1.75 crore contracts at the 25,800 strike price. Maximum put OI of 86.5 lakh contracts was seen at the 25,000 strike price.
Buzzing Index:
The Nifty Auto index declined 1.11% to 28,013.50. The index jumped 1.07% in the past two consecutive trading sessions.
Mahindra & Mahindra (down 1.93%), Hero MotoCorp (down 1.69%), Samvardhana Motherson International (down 1.52%), Bajaj Auto (down 1.02%) and Exide Industries (down 0.95%), Ashok Leyland (down 0.65%), Bharat Forge (down 0.47%), Bosch (down 0.38%), Eicher Motors (down 0.37%) and Tata Motors Passenger Vehicles (down 0.3%) declined.
Stocks in Spotlight:
Multi Commodity Exchange of India (MCX) gained 3.15% after the exchange announced withdrawal of additional margins imposed on gold and silver futures contracts with effect from 19 February 2026.
Dr. Reddy’s Laboratories rose 0.41%. The company said that it has entered into a definitive agreement with Mercury Pharma Group (MPGL) to acquire its trademarks, Progynova and Cyclo Progynova and related assets for India.
Profit before tax (PBT) dropped 17.68% YoY to Rs 1,542.9 crore during the quarter.
EBITDA stood at Rs 2,049.3 crore, registering de-growth of 12.84% compared with Rs 2351.1 crore posted in corresponding quarter last year. EBITDA margin reduced to 23.5% in Q3 FY26 as against 26.7% in Q3 FY25.
Revenue from global generics increased 7% YoY to Rs 7,911.3 crore during the quarter.
In Q3 FY26, revenue from North America declined 20% YoY to Rs 2,964.4 crore, primarily due to lower Lenalidomide sales and higher price erosion in certain key products. The North America region accounted for 34% of total revenue during the quarter.
Revenue from Europe region increased 20% YoY to Rs 1447.6 crore during the quarter, supported by new generic product launches, growth witnessed in the nicotine replacement therapy (NRT) portfolio and favourable forex movements. These positives were partly offset by pricing pressure in generics.
Revenue from India jumped 19% YoY to Rs 1,603.2 crore in Q3 FY26, driven by strong performance of the innovation portfolio, new brand launches, price increases, higher volumes, and contributions from the recently acquired Stugeron portfolio. India contributed 18% of total revenue during the quarter.
Revenue from emerging markets surged 32% YoY to Rs 1896.1 crore, largely driven by new product launches across markets, aided by favourable forex.
R&D Expenses stood at Rs 614.9 crore during the quarter, registering a 8% YoY decline due to reduced development spending in biosimilars following completion of a large part of the investments related to Abatacept. R&D spends remain focused on complex generics, biosimilars, peptides and novel biologics. The quarter’s R&D spend also included a one-time provision related to new labour codes. Excluding this one-off item, R&D expenditure stood at 6.8% of revenues for the quarter.
Co-chairman & MD, G V Prasad said: 'Our growth in Q3FY26 was supported by continued momentum in our branded businesses, aided by favourable forex, thus offsetting the impact of lower Lenalidomide sales. We continue to focus on disciplined execution of our strategic priorities of base business growth, pipeline advancement, operational efficiencies, and select inorganic opportunities, to create long-term value for our stakeholders.'
The scrip rallied 4.48% to Rs 1207.30 on the BSE.
The company’s consolidated net profit jumped 7.3% to Rs 1,347.10 crore on a 9.8% increase in revenue from operations to Rs 8,804.90 crore in Q2 FY26 over Q2 FY25.
The counter slipped 1.66% to Rs 1,250 on the BSE.
Under the terms, Immutep to receive upfront payment of $20 million (around AUD 30.2 million) and is also eligible to receive potential regulatory development and commercial milestones payments of up to $349.5 million approximately AUD 528.4 million), plus double-digit royalties on commercial sales.
Under the terms of the agreement, Immutep grants Dr. Reddy’s an exclusive license, with the right to grant sublicense to develop, register and commercialize Eftilagimod Alfa in all countries outside North America, Europe, Japan, and Greater China. The company aims to leverage its scientific capabilities and extensive market reach to drive the development and commercialization of the cancer therapy across multiple global markets.
The company’s consolidated net profit jumped 7.3% to Rs 1,347.10 crore on 9.8% increase in revenue from operations to Rs 8,804.90 crore in Q2 FY26 over Q2 FY25.
The counter shed 0.76% to Rs 1,265.30 on the BSE.
Dr Reddys Laboratories Ltd rose for a fifth straight session today. The stock is quoting at Rs 1258.9, up 0.01% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is down around 0.15% on the day, quoting at 26164.95. The Sensex is at 85592.35, down 0.13%. Dr Reddys Laboratories Ltd has added around 5.26% in last one month.
Meanwhile, Nifty Pharma index of which Dr Reddys Laboratories Ltd is a constituent, has added around 1.94% in last one month and is currently quoting at 22998.3, down 0.52% on the day. The volume in the stock stood at 9.23 lakh shares today, compared to the daily average of 16.06 lakh shares in last one month.
The benchmark December futures contract for the stock is quoting at Rs 1263.2, down 0.14% on the day. Dr Reddys Laboratories Ltd is up 3.04% in last one year as compared to a 7.78% gain in NIFTY and a 1.9% gain in the Nifty Pharma index.
The PE of the stock is 19.45 based on TTM earnings ending September 25.
Prolia is a prescription medicine used to treat osteoporosis in women who have been through menopause and in men who are at increased risk of fractures, bone loss linked to hormone ablation in men with prostate cancer at increased risk of fractures and bone loss associated with long-term treatment with systemic glucocorticoid.
Xgeva is a prescription medicine used to prevent bone complications in adults with advanced cancer involving bone and for the treatment of adults and skeletally mature adolescents with giant cell tumour of bone.
The EC decision is valid in all EU Member States as well as in the European Economic Area (EEA) countries Iceland, Liechtenstein and Norway.
In May 2024, Dr. Reddy’s and Alvotech entered into a license and supply agreement for the commercialization of AVT03. Under the agreement, Alvotech will develop and manufacture AVT03, while Dr. Reddy’s is responsible for registration and commercialization in applicable markets, including the U.S. and Europe.