Nifty Pharma sinks over 2%; Cipla gains 2% while Torrent Pharma sheds 14% post Q3 earnings

27 Jan 2022 , 01:10 PM

The Nifty Pharma sank over 2% tracking weak markets on Thursday. Cipla led the gains post Q3 earnings while Torrent Pharma tumbled 14% post disappointing Q3 results.

The Indian equity benchmarks plunged sharply on Thursday as global markets slipped. Asian shares fell to their lowest in more than 14 months, short-term U.S. yields rose to 23-month highs and the dollar strengthened after the Federal Reserve’s chairman signaled plans to steadily tighten policy. Also, investors turned cautious on rising concerns over political tensions between Russia and Ukraine.

At around 1.10 PM, Nifty50 was trading at 16,973.95 down 304.00 points or 1.76% and BSE Sensex at 56,812.67 down 1045.48 points or 1.81%.

The Nifty Pharma was trading at 12,808.00 down 284.10 points or 2.17%, touching a high of 12,981.00 and low of 12,767.40 during intraday trade on Thursday.

Cipla surged over 2% at Rs924.15 per piece to emerge among the top three overall gainers list. Cipla reported consolidated net profit slipped 2.6% yoy to Rs729cr in Q3FY22 against Rs748cr in Q3FY21. The total revenues from operations stood at Rs5,479cr in Q3FY22, up 6% yoy against Rs5,169cr in Q3FY21.

Gland Pharma was also 0.6% higher to be the only second listed company on NSE to trade in the green on Thursday.

Torrent Pharma shed over 14% at Rs-450.95 per piece. The Pharma company reported a consolidated net profit of Rs249cr for Q3FY22 against Rs297cr for Q3F21, down by 16% yoy.

Laurus Labs also was 6% lower. Biocon (down 3.824%) , Cadila (down 3.74%), Lupin (down 3.48%), Abott India (down 3.24%), Granules (down 3.1%), Apollo Hospitals (down 3%), Divis Lab (down 2.94%) and Dr Reddy’s (down 2.54%) also made significant losses on Thursday.