 "Zydus acquires derma brand Melgain from Issar Pharma")
Shares of pharmaceuticals companies were in focus and gained up to 9% on the BSE in intra-day trade following the recent sharp slide of the rupee against the dollar.
Lupin, Sun Pharmaceutical Industries, Aurobindo Pharma, Cipla, Cadila Healthcare, Shilpa Medicare and Dr Reddys Laboratories were up 2% to 8% on the BSE.
At 02:55 pm, the S&P BSE Healthcare index, the second largest gainer among sectoral indices after IT index, was up 2.4% as compared to 1.5% rise in the S&P BSE Sensex.
Weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports.
On Thursday, the rupee closed at 68.73 to a dollar after touching 68.865, in intra-day trades, a record low of August 28, 2013.
Among the individual stocks, Sun Pharma was up 4.5% to Rs 715 on BSE in intra-day trade. Since November 8, it rallied 12.6% as compared to 4.8% decline in the benchmark index.
The company on Wednesday announced the acquisition of 85.1% equity stake in JSC Biosintez – a Russian pharmaceutical company with operations in Russia and the CIS region – for a consideration of USD 24 million.
Analysts at Motilal Oswal Securities maintain ‘buy’ rating on the stock with a target price of Rs 925.
“We believe the current stock price does not reflect key positives like Ranbaxy integration benefits, Halol and Mohali plant resolution, and investments in the specialty business. We see the current weakness in stock price as an opportunity to add. Sun Pharma remains an attractive Indian play on specialty business in the US,” the brokerage house said in recent report.
Shilpa Medicare has surged 9% to Rs 626 after the company reported 64% year on year growth in net profit at Rs 38.24 crore for the quarter ended September 30, 2016 (Q2FY17). It had profit of Rs 23.33 crore in the same period last year.
Lupin, Sun Pharmaceutical Industries, Aurobindo Pharma, Cipla, Cadila Healthcare, Shilpa Medicare and Dr Reddys Laboratories were up 2% to 8% on the BSE.
At 02:55 pm, the S&P BSE Healthcare index, the second largest gainer among sectoral indices after IT index, was up 2.4% as compared to 1.5% rise in the S&P BSE Sensex.
Weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports.
On Thursday, the rupee closed at 68.73 to a dollar after touching 68.865, in intra-day trades, a record low of August 28, 2013.
Among the individual stocks, Sun Pharma was up 4.5% to Rs 715 on BSE in intra-day trade. Since November 8, it rallied 12.6% as compared to 4.8% decline in the benchmark index.
The company on Wednesday announced the acquisition of 85.1% equity stake in JSC Biosintez – a Russian pharmaceutical company with operations in Russia and the CIS region – for a consideration of USD 24 million.
Analysts at Motilal Oswal Securities maintain ‘buy’ rating on the stock with a target price of Rs 925.
“We believe the current stock price does not reflect key positives like Ranbaxy integration benefits, Halol and Mohali plant resolution, and investments in the specialty business. We see the current weakness in stock price as an opportunity to add. Sun Pharma remains an attractive Indian play on specialty business in the US,” the brokerage house said in recent report.
Shilpa Medicare has surged 9% to Rs 626 after the company reported 64% year on year growth in net profit at Rs 38.24 crore for the quarter ended September 30, 2016 (Q2FY17). It had profit of Rs 23.33 crore in the same period last year.
| COMPANY | LATEST | PREV CLOSE | GAIN(%) |
| LYKA LABS | 61.40 | 51.20 | 19.92 |
| SHILPA MEDICARE | 624.50 | 572.30 | 9.12 |
| ORCHID PHARMA | 27.05 | 25.15 | 7.55 |
| MANGALAM DRUGS | 142.65 | 135.25 | 5.47 |
| GRANULES INDIA | 108.95 | 104.00 | 4.76 |
| ALEMBIC | 34.70 | 33.15 | 4.68 |
| LINCOLN PHARMA. | 192.80 | 184.25 | 4.64 |
| AUROBINDO PHARMA | 742.05 | 710.95 | 4.37 |
| J B CHEM & PHARM | 351.45 | 337.40 | 4.16 |
| SUN PHARMA.INDS. | 711.40 | 683.60 | 4.07 |
| RPG LIFESCIENCE. | 447.55 | 430.10 | 4.06 |
| GUFIC BIOSCIENCE | 47.50 | 45.70 | 3.94 |
| SMS PHARMA. | 92.30 | 88.85 | 3.88 |
| FORTIS HEALTH. | 176.90 | 170.35 | 3.85 |
| CAPLIN POINT LAB | 360.80 | 348.00 | 3.68 |
| VIVIMED LABS. | 88.90 | 85.75 | 3.67 |
| LUPIN | 1512.30 | 1460.30 | 3.56 |
| NECTAR LIFESCI. | 31.70 | 30.65 | 3.43 |
| CADILA HEALTH. | 409.70 | 396.45 | 3.34 |
| CLARIS LIFESCIEN | 276.95 | 268.50 | 3.15 |
