Mankind Pharma Surges as it Replaces HDFC in Nifty Indices

6 Jul 2023 , 10:47 AM

Mankind Pharma shares rose over 2 % intraday on July 5 after being selected to replace HDFC in various Nifty indices, including Nifty500, Nifty Midcap150, Nifty Midcap100, and Nifty200.

The decision to include Mankind Pharma in the Nifty indices was prompted by HDFC’s merger announcement with HDFC Bank. The company recently had a successful IPO, with its shares listed at a 20 percent premium to the issue price.

Mankind Pharma generates 53 % of its domestic revenue from urban areas and is well-positioned to capitalize on opportunities in the Indian market for branded and over-the-counter drugs.

Mankind Pharma’s stock performance has outperformed the Nifty Pharma index, with a 20 % gain over the past month. The inclusion of Mankind Pharma in the Nifty indices reflects its growing prominence and market recognition of its potential for sustained growth and value creation.

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