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Shares of pharmaceutical companies were on a roll with the Nifty Pharma index set to post its sharpest rally in past nine years on the back of a strong rally in Sun Pharmaceutical Industries, Aurobindo Pharma, Glenmark Pharma and Dr Reddy’s Laboratories.
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.
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.
