Pharmaceutical company shares were leading in an otherwise flat market, with the Nifty Pharma index rising over 1% on the National Stock Exchange (NSE) on Wednesday, on the assumption of a better outlook.
The Nifty Pharma index, the highest gainer among sectoral indices, was up 0.81% at 13,948.60 at 09:33 a.m., compared to a 0.15% advance in the Nifty50 index. On October 4, 2021, the pharma index reached a 52-week high of 14,938.25. The index has gained 5.8% in the last seven trading days.
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On the NSE, Strides Pharma Science, Laurus Labs, Cipla, Natco Pharma, Lupin, Aurobindo Pharma, Ipca Laboratories, Dr Reddy’s Laboratories, Sun Pharmaceutical Industries, and Cadila Healthcare were up 1% to 2%.
Sun Pharma, Cipla, Natco, Dr Reddy’s, Torrent Pharma, Aurobindo Pharma, and Strides have launched a generic version of Molnupiravir in India following permission from the Drugs Controller General of India for emergency use (DCGI).
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According to a global pharmaceutical market research firm IMS, total sales statistics of the Indian Pharmaceutical Market (IPM) increased by 12% year on year (yoy) in November 2021, up from 10% yoy in October 2021. On a MAT basis, IPM increased by 18.2%, driven by volume growth (9%), new product growth (4.9%), and price growth (4.3%).
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Sun Pharma, one of the individual stocks, went up 1% to Rs 824.50 on the NSE in an intraday trade. The share price of a pharmaceutical company is close to its 52-week high of Rs 851 set on October 18, 2021. In addition, the business intends to establish an end-to-end manufacturing centre in Andhra Pradesh.
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Dr Reddy’s Laboratories was trading at Rs 4,806, up Rs 62.60, or 1.32%, at 09:46 hrs on the BSE, and Strides Pharma Science was trading at Rs 459.15, up Rs 5.85, or 1.29%.
