Sun Pharma, Dr Reddy's, Glenmark gain even after price-fixing charges in US

Nifty Pharma index, the largest gainer among sectoral indices, was up 2.8%, as compared to unchanged in Nifty 50 index at 10,441 at 09:46 AM

Shares of pharmaceutical companies were in focus and trading higher in otherwise subdued market even after the media reports suggested the four Indian drug makers are facing allegations of a huge price-fixing conspiracy in the US aimed at keeping prices of generic drugs artificially high.

The companies are Dr Reddy’s Laboratories (DRL), Glenmark Pharmaceuticals, Sun Pharmaceutical Industries, and Emcure, the Business Standard report suggested. CLICK HERE TO READ FULL REPORT

All three listed pharmaceutical companies DRL, Glenmark Pharma and Sun Pharma were up more than 2% each on the National Stock Exchange (NSE). At 09:46 AM; Nifty Pharma index, the largest gainer among sectoral indices, was up 2.8%, as compared to unchanged in Nifty 50 index at 10,441.

Besides these three stocks, Aurobindo Pharma, Cadila Healthcare and Lupin from the Nifty Pharma index, while Ajanta Pharma, Marksans Pharma, Ipca Laboratories, Sanfoi India and Biocon the non-index stocks were up 3% to 6%.

Divi’s Laboratories surged 17% to Rs 1,076, after the company said that it has been informed by the US-FDA that it will be lifting the Import Alert 66-40 and moving to close out the Warning letter issued to the company's Unit-II at Visakhapatnam. The stock zoomed 21% to Rs 1,118 on the NSE in early morning trade.

COMPANY	LATEST	PREV CLOSE	GAIN(%)
DIVI'S LAB.	1071.85	920.30	16.5
MARKSANS PHARMA	49.05	46.40	5.7
AJANTA PHARMA	1256.00	1208.90	3.9
GLENMARK PHARMA.	645.10	621.25	3.8
AUROBINDO PHARMA	789.20	761.90	3.6
NATCO PHARMA	1006.00	974.45	3.2
CADILA HEALTH.	513.00	497.70	3.1
IPCA LABS.	541.50	525.55	3.0
SANOFI INDIA	4590.90	4458.35	3.0
GRANULES INDIA	142.20	138.20	2.9
SEQUENT SCIEN.	110.00	107.10	2.7
LUPIN	1055.05	1027.45	2.7
BIOCON	371.20	361.85	2.6
FDC	205.40	200.55	2.4
SUN PHARMA.INDS.	560.40	548.45	2.2