BSE Pharma index hits new high

Sun Pharma, Lupin, Cipla, AstraZeneca, Sparc, Indoco Remedies, Shasun Pharma and Strides Arcolab up 2-16% on BSE.

Don't want to miss the best from Business Standard?

Shares of pharmaceutical companies are continued at their upward march with the S&P BSE Healthcare index hits a new high today.

Sun Pharmaceutical Industries, Lupin, Cipla, AstraZeneca Pharma India, Sun Pharma Advanced Research (Sparc), Indoco Remedies, Shasun Pharmaceuticals, Strides Arcolab and Divi’s Laboratories are among few notable pharmaceutical stocks trading higher between 2-16% on the BSE.

At 1100 hours, S&P BSE Healthcare index, the largest gainer among sectoral indices, was up 1.7% or 288 points at 16,858 compared with 0.07% or 20 points gain in the benchmark S&P BSE Sensex. The pharma index touched a new high of 16,896 in intra-day trade.

Among the individual stocks, AstraZeneca Pharma India has zoomed 16% to Rs 985 on BSE on back of heavy volumes. The trading volumes on the counter surged multiple-folds with a combined 213,649 shares changed hands so far against an average sub 20,000 shares that were traded daily in past two weeks on NSE and BSE.

Sparc surged 5% to Rs 452, extending its previous day’s 5% rally, after the company announced that the U.S. Food and Drug Administration (FDA) have approved its new drug application (NDA) for ELEPSIA XR (Levetiracetam extended-release tablets 1000 mg and 1500 mg).

The product will be manufactured by Sun Pharma at its Halol (Gujarat) facility in India, it added. Shares of Sun Pharma were up 2% at Rs 1,022, extending its previous day’s 7% rally on BSE.

Lupin up 3% at Rs 1,836, hit a fresh record high on BSE. Since February 23, the stock rallied 11% from Rs 1,648 after the company said it has received the final approval for its product, a generic version of Allergan Inc's Lumigan Ophthalmic Solution, from the US Food and Drug Administration (USFDA).

Cipla too gained nearly 3% to Rs 746 after the company said Stempeutics Research has received a process patent from the United States Patent and Trademarks Office for its novel stem cell-based drug Stempeucel. The company is part of the Manipal Education and Medical Group and drugmaker Cipla entered into a joint alliance with it in 2009.