Pharma stocks gain on weak rupee

Eight pharma stocks gained by 0.19% to 3.76% at 15:00 IST on BSE on weak rupee.

Meanwhile, the S&P BSE Sensex was up 235.99 points or 0.92% at 25,887.83.

Among pharma stocks, Sun Pharmaceutical Industries (up 0.19%), Aurobindo Pharma (up 1.54%), Lupin (up 3.07%), Wockhardt (up 2.27%), Dr Reddy's Laboratories (up 0.52%), and Divi's Laboratories (up 0.51%) gained. Cipla (down 0.28%) and Glenmark Pharmaceuticals (down 0.17%) declined.

Cadila Healthcare rose 3.76% after the company fixed 7 October 2015 as record date for five-for-one stock split proposal. The announcement was made during trading hours today, 23 September 2015.

Dishman Pharmaceuticals and Chemicals jumped 16.24% after the company said it holds a license agreement from Janssen Pharmaceutica NV, one of the Janssen Pharmaceutical companies of Johnson & Johnson (Jenssen) to produce active pharmaceutical ingredient (API) of Sirturo (bedaquiline), a medicine used in treatment of multi-drug resistant tuberculosis (MDR-TB). The announcement was made during market hours today, 23 September 2015.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 65.995, compared with closing of 65.88 during the previous trading session.

Weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports.

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