Zydus Lifesciences, Granules, Glenmark: Nifty Pharma up despite weak market

Amid broad-based selling on D-Street only select sectoral indices are trading positive. Nifty Pharma among others has gained 0.8 per cent in trade, logging an intra-day high at 20,550.6.

 

On the index, 13 stocks have advanced and 7 have declined with Natco Pharma up over 4 per cent; Gland Pharma, Glenmark Pharma and Laurus Labs up over 3 per cent; Granules India up over 2 per cent, Dr Reddy's Laboratories and Zydus Lifesciences up over 1 per cent, around 12:47 PM. 

 

While there is no specific trigger, some stocks on the index are doing well on the basis of some positive developments.

 

 

Glenmark Pharma: The company settled agreements with the plaintiffs. As per the filing, four lawsuits, which included claims related to both generic Zetia and Vytorin, were subsequently remanded to the jurisdictions in which they were originally filed. With a view to resolving this dispute and avoiding uncertainty, Glenmark has agreed to enter into a settlement with three plaintiffs, Humana, Centene, and Kaiser, for a total of $7 million. 

 

"The settlement makes clear that Glenmark denies each and every one of the allegations against it and the settlement is not on the basis of Glenmark having conceded or admitted any liability or illegality," the filing read. 

 

Granules India: The company signed of the acquisition agreement regarding Senn Chemicals AG, a Swiss-based CDMO specialising in peptides. Senn develops and manufactures, Peptides and Peptides based applications for its global customers, providing contract research, development, and manufacturing services. 

 

Zydus Lifesciences: The company and its subsidiaries received final approval from the United States Food and Drug Administration (US FDA) to manufacture Ibuprofen and Famotidine tablets, 800 mg/26.6 mg.

 

Nifty Pharma slipped for four days in the previous sessions after the US President Donald Trump announced that he intended to impose tariffs on pharmaceutical imports, in a series of measures threatening to upend international trade, as per Reuters. 

 

The development followed Trump's announcement of 'reciprocal tariffs' to soon be imposed on countries such as India and China, reiterating what he had said during Prime Minister Narendra Modi's recent visit to the US capital. 

 

Trump was speaking at the swearing-in of Commerce Secretary Howard Lutnick on Friday when he made the announcement, reiterating what he told Prime Minister Narendra Modi last week during the latter's visit to the US capital.