Nifty Pharma index hits new high; Aurobindo, Dr Reddy's gain over 3%

Shares of pharmaceutical companies continued their upward journey at the bourses, with the Nifty Pharma index hitting a new high for the third straight day on Friday, amid strong gain in Aurobindo Phamra, Dr Reddy’s Laboratories and Cadila Healthcare, which rallied up to 5 per cent, each, on the National Stock Exchange (NSE).

Nifty Pharma index rallied 3 per cent to 14,530.95 on the NSE in intra-day trade today. On Wednesday, it had surpassed its previous high of 14,282.90, touched on May 11, 2021.

Marksans Pharma and Novartis India from the S&P BSE Healthcare index zoomed 20 per cent, each. While, Necter Lifesciences, Thyrocare Technologies and RPG Lifesciences were up between 5 per cent and 10 per cent.

Among individual stocks, Marksans Pharma shares were locked in 20 per cent upper circuit at Rs 83.70, also its 52-week high, on the BSE, after the company announced that its board would meet on Tuesday, June 15, 2021  to consider issuance of convertible warrants on preferential basis.

The board will consider issuing 49.3 million warrants worth of Rs 365 crore in the company to OrbiMed Asia IV Mauritius. It is going to be one of the largest pharma funds.  The board will also consider issuing 1 million shares at price of Rs 74 per share to one of its promoters, Mark Saldanha.

Besides, Thyrocare Technologies hit a new high of Rs 1,235 after rallying 10 per cent on the back of three-fold jump in trading volumes. The stock of the healthcare services has soared 15 per cent in the past two trading days. On outlook, in short term, it is likely to continue to be uncertain and be challenging till majority of global population is vaccinated and it is likely to take time till end of March 2022 quarter of the financial year 2021-22 (FY22), Thyrocare Technologies said in FY21 annual report. With adequate cash in hand, the company to encash the additional demand this COVID has created using its intelligent logistics and IT, it said.