Pharma shares in demand

Strides Arcolab, Fulford India, Wockhardt, Cipla, Divi's Lab, Ranbaxy, Aurobindo, Dr Reddy's, Lupin and Sun Pharma are up 2-20% on the BSE.

The shares of pharmaceutical companies are trading higher by up to 20% each in an otherwise subdued market after positive corporate announcements by companies such as Fulford India, Wockhardt and Strides Arcolab.

At 1250 hours, the Bombay Stock Exchange (BSE) pharmaceutical companies index S&P BSE Healthcare, the largest gainer among sectoral indices, is up 1.67% compared to a 0.18% decline in benchmark S&P BSE Sensex.

Strides Arcolab has gained 6% to Rs 559, extending its previous day’s 13% rally on the BSE. The company said that its manufacturing facility in Bangalore has been approved by the US health regulator after a successful audit of the plant.

"Oral Dosage Forms manufacturing site (KRS Gardens) in Bangalore was recently inspected by the US Food and Drug Administration (USFDA) as part of GMP compliance audit and the facility continues to be approved," Strides Arcolab said in a statement.

The last USFDA inspection and approval for this facility was in the year 2011, it added.

Fulford India is locked at the upper circuit of 20% at Rs 823 after the company said it has received a letter from Dashtag, the promoter of the company, expressing his intention to make a voluntary delisting offer to the public shareholders of the company.

The indicative price for the delisting has been fixed at Rs 1,150, a 68% premium against its Friday’s closing price of Rs 686 on the BSE.

Wockhardt has surged by 10% to Rs 711, erasing its entire 2% decline on Friday, after the pharmaceutical company said the regulator in Himachal Pradesh has revoked the suspension of the manufacture and sale of three drugs.

“The State Drug Controller, Himachal Pradesh has now revoked the suspension and accordingly the company will continue to manufacture, sell and distribute the Fixed Dose Combination (FDC) of Dicyclomine Hydrochloride IP 10mg, Tramadol Hydrochloride IP 50mg & Acetamenophen IP 325mg,” Wockhardt said in a statement.

Cipla, Divi’s Laboratories, Ranbaxy Laboratories, Aurobindo Pharma, Dr Reddy’s Laboratories, Lupin, Sun Pharmaceutical Industries, Astrazeneca Pharma India, Orchid Chemicals and Pharmaceuticals and Glenmark Pharmaceuticals are among other pharma shares up 1-5% on the BSE.