Pharma shares in focus; CNX Pharma index gains over 2%

Shares of pharmaceutical companies are trading higher on the bourses in an otherwise subdued market, with the National Stock Exchange (NSE) CNX Pharma index up more than 2% in late noon deals.

Ajanta Pharma, Dishman Pharmaceuticals and Chemicals, Divi’s Laboratories, Piramal Enterprises, Strides Arcolab, Divi’s Laboratories, Lupin, Cipla, Dr Reddy’s Laboratories and Sun Pharmaceutical Industries are up 2%-5% each on the NSE.

At 03:02 PM, the CNX Pharma index was up 2.3% or 279 points at 13,219 compared to a 0.20% decline in CNX Nifty.

Strides Arcolab have moved higher by 3% to Rs 1,231 after announcing that it achieved closure of transaction for acquisition of a generic pharmaceutical business in Australia and related assets from Aspen.

The acquired business will be integrated and consolidated with Strides effective September 1, 2015, Strides Arcolab added.

Lupin was up 4% at Rs 1,937 on the BSE. The stock has rallied by 7% in the past three trading sessions, from Rs 1,812, after the drug co0mpany received approval from US health regulator USFDA to market generic Omeprazole delayed-release capsules used to treat ulcer in the American market.

The company has received final approval for its Omeprazole delayed-release capsules (40 mg) from the United States Food and Drugs Administration (USFDA), Lupin Ltd said in a statement.