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Nifty Pharma under pressure amid major earnings; Divis Lab nosedives 7% after Q2; Aurobindo in focus; Pfizer soars 5.5%

Nifty Pharma has hovered between an intraday high and low of 13,915.45 and 13,639.55 respectively.

November 08, 2021 1:45 IST | India Infoline News Service
Pharma company stocks witnessed selling pressure on Monday amid major Q2 earnings. Despite the majority of the stocks listed on Nifty Pharma traded on the upside, however, the index continued to witness profit booking as heavyweights like Divis Lab and Aurobindo Pharma weighed down. Nifty Pharma has hovered between an intraday high and low of 13,915.45 and 13,639.55 respectively.

At around 1.44 pm, Nifty Pharma was trading at 13,833.95 lower by 114.25 points or 0.82%. On the index, 13 scrips advanced and 7 scrips declined.

Pfizer was the top bull surging by 5.6% after Q2 earnings. The company's net profits for the Sep-21 quarter were up 8.81% on yoy basis at Rs142.15cr. On a sequential basis, the net profit was down -28.49% compared to the Jun-21 quarter revenues of Rs199.91cr. There was a sharp spike in raw material procurement and holdings costs but that was largely offset by inventory efficiency gains during the quarter.

Further, on the index, Strides Pharma, and Torrent Pharma was also among the top gainers soaring by 1.8% and 1.5%. Natco Pharma jumped over 1%.

Stocks like Glenmark, Dr Reddy's Lab and Cadila Healthcare climbed 0.9% each. APL Apollo and Sun Pharma zoomed 0.6% and 0.5%.

Cipla, Laurus Labs and Gland Pharma were marginally up. Biocon traded flat but in green.

On the downside, Divis Lab nosedived about 7.3%. The company's net profits for the Sep-21 quarter were higher by 16.72% on yoy basis at Rs606.46cr. On a sequential basis, the net profit was higher by 8.86% compared to the Jun-21 quarter profits of Rs557.11cr. Net margins at 30.51% in the Sep-21 quarter was higher than 29.70% in the Sep-20 yoy quarter and also better than 28.41% in the Jun-21 sequential quarter.

Meanwhile, Aurobindo Pharma was the second most sold stock on the index plunging by 2.3% ahead of its Q2 earnings scheduled for today.

IPCA Lab and Alkem dipped 2% and 1.3%. Abbot India slipped around 1%. Granules and Lupin were marginally down.

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