Dr Reddy’s Laboratories (DRL) was the top Nifty gainer yesterday, March 25, and it was up 5 percent, but it has come in after a lot of underperformance this year. It's down 12 percent this year and the stock is 23 percent off its 52 week high levels.

The underperformance, of course, was coming on the back of the Russia Ukraine crisis.

Yesterday, the volumes picked up. They were two times the average volumes that the stock trades at and the turnover on the NSE has been increasing over the last couple of days at around Rs 750 crore as of yesterday compared to an average of around Rs 250 crore to Rs 400 crore in the last couple of days. So, it has been increasing on that front.

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However, some positive news came over the weekend where the Russian envoy to India said that Indian pharma companies may replace Western manufacturers in the country and considering that Dr Reddys does have a sizable exposure there around 10 percent, this would have been positive for the company and that is why momentum is building up in the stock.

Watch the accompanying video of CNBC-TV18’s Sonal Bhutra for more details.

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