Nifty Pharma index rallies nearly 3%; Lupin surges 10%, Cipla, Cadila up 3%

Shares of pharma companies were trading in the positive territory on Friday with the Nifty Pharma index surging nearly 3 per cent to 11,800.65 levels against Thursday's close of 11,477.95 points.  

Among individual stocks, Lupin gained up to 10 per cent to Rs 1,019 in the intra-day deals. At 10:46 AM, the stock was ruling over 8 per cent higher at Rs 1,008.15 and was the top gainer on the Nifty Pharma index. Cipla, Cadila Healthcare, Sun Pharma, and Torrent Pharma were next on the gainers' list as their share prices rose in the range of 3.3 to 2.1 per cent. All the 10 constituents of the Nifty Pharma index were trading in the green.

The benchmark Nifty50 index, on the other hand, was trading flat at 11,323 levels. 

For the April-June quarter, pharma companies have posted a mixed set of numbers.

For instance, Lupin reported a 64.72 per cent decline in its consolidated net profit at Rs 106.90 crore for the quarter to June 2020, hit by the Covid-19 pandemic. The company had posted a net profit of Rs 303.05 crore for the corresponding period of the previous fiscal. READ MORE

Sun Pharma, too, disappointed street with its Q1 numbers. The pharma major reported a surprise loss during the quarter under review hit by one-time charges. The company’s US business posted a 33.5 per cent decline, while India sales were up 3.2 per cent on a year-on-year (YoY) basis. Consolidated sales from operations was at Rs 7,467 crore, a decline of about 9.6 per cent over the same quarter last year. READ MORE

On the flip side, Ipca Labs reported an over three-fold jump in its consolidated net profit to Rs 445.68 crore due to robust sales. Divi's Laboratories posted an 80.61 per cent year-on-year (YoY) rise in consolidated net profit for the quarter under review.