Pharma shares extend gain; Sun Pharma, Divi's Lab up over 10% in three days
In past three trading sessions, Nifty Pharma index surged 6%, while S&P BSE Healthcare gain 5% against 1% rise in the benchmark indices.
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The approval rate had remained soft during the past few years and was the key reason for poor US sales
Shares of pharmaceutical companies were trading higher for the third straight session with Sun Pharmaceutical Company and Divi’s Laboratories gaining more than 10% each.
At 09:57 AM; the Nifty Pharma (up 2%) and S&P BSE Healthcare index (up 1.8%) were up nearly 2% each, against 0.3% rise in Nifty 50 and in S&P BSE Sensex. In the past three trading sessions, the Nifty Pharma index surged 6%, while the S&P BSE Healthcare gained 5% against 1% rise in the benchmark indices.
Divi’s Laboratories was up 4% to Rs 865 on BSE in intra-day trade, extending its 19% rally of the last four trading sessions.
According to a media reports, the company has re-invited US Food and Drug Administration (USFDA) for reinspection of Unit-II, which comprises of 60-65% of total sales for the company.
Analysts at Dolat Capital believe that strong technical background of the management would have played a crucial role for all the filings and an early resolution of the import alert compared to the normal industry average.
“Considering, better clarity on the required response expected by USFDA as the management has already done its one-on-one meeting with US FDA and we also believe that strong technical background of the management would have played a crucial role for all filings. The company has filed all the response with the US FDA and we have already seen clause 99-32 of the import alert being lifted,” the brokerage firm said in Q1 result update.
Sun Pharma was up 4% to Rs 524 in early morning trade, extending its 7% gains of last two days on the back of heavy volumes. A combined 4.55 million shares have already changed hands on the counter in the first 45 minutes of trade on the NSE and BSE.
Sun Pharma is India’s top drug maker and world's fourth largest specialty generic pharmaceutical company by revenue with 42 manufacturing facilities spread across 6 continents. US contribute 37% to the revenues.
At 09:57 AM; the Nifty Pharma (up 2%) and S&P BSE Healthcare index (up 1.8%) were up nearly 2% each, against 0.3% rise in Nifty 50 and in S&P BSE Sensex. In the past three trading sessions, the Nifty Pharma index surged 6%, while the S&P BSE Healthcare gained 5% against 1% rise in the benchmark indices.
Divi’s Laboratories was up 4% to Rs 865 on BSE in intra-day trade, extending its 19% rally of the last four trading sessions.
According to a media reports, the company has re-invited US Food and Drug Administration (USFDA) for reinspection of Unit-II, which comprises of 60-65% of total sales for the company.
Analysts at Dolat Capital believe that strong technical background of the management would have played a crucial role for all the filings and an early resolution of the import alert compared to the normal industry average.
“Considering, better clarity on the required response expected by USFDA as the management has already done its one-on-one meeting with US FDA and we also believe that strong technical background of the management would have played a crucial role for all filings. The company has filed all the response with the US FDA and we have already seen clause 99-32 of the import alert being lifted,” the brokerage firm said in Q1 result update.
Sun Pharma was up 4% to Rs 524 in early morning trade, extending its 7% gains of last two days on the back of heavy volumes. A combined 4.55 million shares have already changed hands on the counter in the first 45 minutes of trade on the NSE and BSE.
Sun Pharma is India’s top drug maker and world's fourth largest specialty generic pharmaceutical company by revenue with 42 manufacturing facilities spread across 6 continents. US contribute 37% to the revenues.
Topics : Sun Pharma