Nifty Pharma gains over 1%; Cadila, Lupin, Biocon in the fast lane

Cadila, Lupin and Biocon were among top gainers to drive the index. While Dr Reddy's, Cipla and Aurobindo Pharma also lifted the performance.

Oct 16, 2020 12:10 IST India Infoline News Service

Stock traders celebrating
Pharma stocks were among top performers on benchmark indexes like Nifty and Sensex. At around 12.43 PM, Nifty Pharma was trading at 11,801 surging by 163.10 points or 1.40%. The index surged to the day's high of 11,841.45.

On the index, the gainers' list was led by Cadila Healthcare which was trading at Rs429.35 per piece up 3.23%, followed by Lupin at Rs1,034.25 per piece and Biocon at Rs446.60 per piece which also jumped by over 3% each.

Cadila informed today that it has received final approval from the USFDA to market Fingolimod Capsules in the strength of 0.5 mg. Also, Cadila bagged the final approval from the USFDA to market Verapamil Hydrochloride Injection USP, 5 mg/2 mL (2.5 mg/mL) and 10 mg/4 mL (2.5 mg/mL), Single-Dose Vials(US RLD: Isoptin Injection).

Stocks like Divis Lab, Cipla and Aurobindo Pharma climbed in the range of 1-3%. Dr Reddy's and Torrent Pharma also contributed to the gains.

However, Sun Pharma and Alkem Laboratories were among top underperforming stocks with a marginal drop.

The Ministry of Health and Family Welfare on Thursday said India is reporting a progressively high increase in the recoveries and a persistent decline in the percentage active cases. As a result, the doubling time of the infection has sharply improved. It is now almost 73 days (72.8 days). This indicates a substantial fall in the daily New Cases and the consequent increase in time taken to double the Total Cases.

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