Dr. Reddy's Stock Is Trading Higher As Sputnik V Vaccine Gets Emergency Use Nod In India: Report

The panel of India’s Central Drugs Standard Control Organization (CDSCO) has recommended the emergency use authorization of Russia’s Sputnik V coronavirus vaccine, said two people familiar with the matter.
The approval makes it the third such shot approved by India as the country is battling with a record daily surge in COVID-19 infections.
Neither Dr. Reddy’s Laboratories Ltd RDY, which markets the vaccine in India, nor the drugs regulator, responded immediately to Reuters’ requests for comment.
Sputnik V, developed by Moscow’s Gamaleya Institute, has proved 91.6% effective against COVID-19 and has been approved for use in more than 50 countries.
The Russian Direct Investment Fund has signed deals to produce more than 750 million doses of Sputnik V in India with six domestic firms.
The vaccine gained international recognition in February, overcoming early skepticism.
After peer-reviewed results were published in The Lancet medical journal, countries are lining up for supplies, reported Bloomberg.
Price Action: RDY shares are up 3.8% at $66.36 on the last check Monday.