Pharma stocks gain on weak rupee

Twelve pharma stocks rose by 0.52% to 2.48% at 11:45 IST on BSE as weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports.

Meanwhile, the BSE Sensex was down 38.70 points, or 0.14% to 27,563.31.

Among pharma stocks, Sun Pharmaceutical Industries (up 1.72%), Ranbaxy Laboratories (up 1.16%), Aurobindo Pharma (up 2.57%), Cipla (up 0.52%), Lupin (up 1.48%), Wockhardt (up 1.91%), Strides Arcolab (up 1.23%), Shasun Pharmaceuticals (up 2.48%), Indoco Remedies (up 0.88%), Elder Pharmaceuticals (up 1.15%), Divi's Laboratories (up 1.32%), and Amrutanjan Health Care (up 1.95%) gained.

Dr Reddy's Laboratories fell 0.22%. Dr Reddy's Laboratories after market hours yesterday, 11 December 2014 in a clarification with regard to news item titled "Germany bans 80 generic drugs for insufficient trials" said that the company through its local entity Betapharm is proceeding in line with the instructions of the regulator. Overall impact on the financials of this action is expected to be non-material, Dr Reddy's said.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.4175, compared with its close of 62.345 during the previous trading session.

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