Benzinga | Apr 12, 2021 10:32AM EDT

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 (NYSE: 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.