Nifty Pharma index steady after bearish start; Cadila, Biocon lift performance

Torrent Pharma also gained nearly 1% while and Divis Lab also traded higher. Alkem Lab and Dr. Reddy were under pressure.

Jun 21, 2021 02:06 IST India Infoline News Service

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The Nifty Pharma stocks were steady after a gap-down start on Monday. The pharma index was marginally higher with Cadila and Biocon lifting performance, while  Alkem Lab and Dr Reddy’s were underpressure in the afternoon trade.

Nifty Pharma was testing 14,000-level after touching a high of 14,055.95 and low of 13,899.65 during intraday trade.

Meanwhile, BSE Sensex was trading at 52,361.15 up 16.70 points or 0.03% and the Nifty50 at 15,686.20 up 2.85 points or 0.02%.

Biocon saw buying sentiment and was selling 1.38% higher at Rs404.45 per piece to enable the sector trade in the green.

Cadila rose 1.33% at Rs628.65 per piece on Monday after it has signed an agreement to extend the tenure of the joint venture agreement (“JVA”) with Bayer (South East Asia) PTE Limited, one of the companies of the Bayer Group, for three years. The JV company is Bayer Zydus Pharma Private Limited.
Torrent Pharma also gained nearly 1%, while and Divis Lab also traded higher. Auro Pharma, Sun Pharma, Cipla and Lupin were trading flat.

Alkem Laboratories was under most pressure at Rs3,116.70 per piece, down 0.8%, after the company announcement that the USFDA had conducted an inspection of the company’s manufacturing facility located at St. Louis, USA from June 14, 2021 to June 18, 2021. At the end of the inspection, the company has received Form 483 with two observations.

Dr Reddy’s shed 0.65% at Rs5,249.75 per piece to emerge the laggard with Alkem Lab. 

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