Nifty Pharma sheds 300 pts amid major earnings; Alkem hits new high, all other stocks in red; Lupin nosedives 6%, Cadila dips 2% post Q1

The index has touched an intraday high and low of 14,480.75 and 14,145.45 respectively.

Aug 11, 2021 02:08 IST India Infoline News Service

Amid major June 2021 quarterly earnings with Lupin and Cadila being the latest one to announce its financial performance, the Nifty Pharma index was among the top bears on Wednesday's selloff in broader markets. Also, sentiments in the sector are influenced by the rapid rise of Delta variant in the pandemic, active Covid cases and vaccination drive. Investors continue to observe sales and demand recovery in the sector amid the virus outbreak.

At around 2.51 pm, Nifty Pharma was trading at 14,273.45 down by 229.45 points or 1.58%. The index has touched an intraday high and low of 14,480.75 and 14,145.45 respectively.

Alkem Lab was the only gainer on the index soaring by 3.2%. The stock has touched a new 52-week high of Rs3,684.45 per piece earlier today.

On the contrary, Lupin was the top bear of the index plummeting nearly 6%. On a consolidated basis, the drug majors have reported a 5-fold jump in their consolidated net profit at Rs542.46cr in Q1FY22 compared to Rs106.90cr for the corresponding period of the previous fiscal. Lupin’s India formulation sales for Q1 FY2022 were Rs16,362 mn, up 27.2% as compared to Rs12,866 mn in Q4 FY2021 and up 27.3% as compared to Rs12,854 mn in Q1 FY2021.

Further, on the index, Torrent Pharma dived 3.8% followed by Cadila Healthcare tumbling 2.4%. Aurobindo Pharma slipped by 2.3%.

Cadila also announced its Q1 results today. The company recorded a 29% yoy growth in net profit to Rs587cr in Q1FY22, while revenue increased by 15% yoy to Rs4025cr.

Sun Pharma and Biocon dipped nearly 2% each. Divis Lab contracted by 1.1%. Dr Reddy's Lab plunged 0.8%, while Cipla was marginally down. 

Related Story

Open Free Demat Account (Rs699)