At 12.03 pm; Nifty Pharma index, the largest gainer among sectoral indices, was up 2.2% at 10,340, as compared to 0.11% decline in the Nifty 50 index.
The pharma index hit a fresh 52-week high of 10,390 in intra-day on Friday, rallied 13% thus far in the month of August. In comparison, the Nifty 50 index was up 2.6% during the month. During the month of June, the pharma index had soared 11.6% against a 0.2% decline in the benchmark index.
Earlier, in the month of September 2009, Nifty Pharma index had surged 13.8%, as compared to a 9% rise in the Nifty index.
So far in the current month, Sun Pharmaceutical Industries, Dr Reddy’s Laboratories, Aurobindo Pharma and Glenmark Pharma from the pharma index outperformed the index by gaining in the range of 14% to 19%, while Divi’s Laboratories and Lupin up 13% and 10%, respectively.
Merck, Novartis India, Pfizer, JB Chemicals & Pharmaceuticals, Anuh Pharma, Shilpa Medicare and Apollo Hospital Enterprises from the BSE Healthcare index rallied more than 23% during the month.
Among the individual stocks, Sun Pharma hit a fresh 52-week high of Rs 658, up 2.8% on the NSE in intra-day trade. The stock gained 15% thus in the current month and surged 51% from its 52-week low of Rs 435 touched on May 22, 2018, in intra-day trade.
Despite Taro’s underperformance, Sun Pharma had reported better than- expected performance in June 2018 quarter (Q1FY19), led by healthy US sales (ex-Taro), strong growth in domestic business and lower year-on-year (YoY) base.
“FY19 is important year for company for its specialty business with three potential launches lined-up in the US market. The company has already launched and commercialized YONSA during the quarter and plan to commercialize ILUMYA and CEQUA in coming quarters,” analyst at Karvy Stock Broking said in a note.
In Q1FY19, the company received EIR (establishment inspection report) of Halol facility from US FDA and with this development; the company now expects an improvement in business and new approvals from Halol facility for the US market including two specialty products in-licensed from SPARC Ltd. The company is receiving gold dates for approvals from Halol, the brokerage firm said in result preview with ‘hold’ rating on the stock.
|J B CHEM & PHARM||342.05||273.30||25.2|
|SUVEN LIFE SCIE.||276.75||229.65||20.5|
|DR REDDY'S LABS||2,444.00||2,127.15||14.9|