Pharma stocks gain on value-buying

Reuters Market Eye - Shares in pharmaceutical companies are leading the gains on Tuesday due to factors such as value-buying and expectations that promoters may increase stake in some companies, dealers say.

Ranbaxy Laboratories Ltd gains 4.8 percent after a 17 percent fall in May after the company pleaded guilty to felony charges related to drug safety and agreed to pay $500 million in civil and criminal fines under a settlement with the U.S. Department of Justice.

Cipla Ltd gains as losses in the wake of lower-than-expected January-March earnings are seen as overdone.

Cadila Healthcare Ltd gains 5.5 percent ahead of its press conference on Wednesday in Mumbai.

 

Among other pharma stocks, Dr. Reddy's Laboratories Ltd is up 2 percent, Biocon Ltd gains 2 percent and Lupin Ltd is trading 2.2 percent higher.

(Reporting by Abhishek Vishnoi)