Nifty Pharma index rallies nearly 3%; Lupin surges 10%, Cipla, Cadila up 3%

Topics Nifty Pharma | Pharma stocks | Lupin

For the April-June quarter, pharma companies have posted a mixed set of numbers.
Shares of pharma companies were trading in the positive territory on Friday with the Nifty Pharma index surging nearly 3 per cent to 11,800.65 levels against Thursday's close of 11,477.95 points.  

Among individual stocks, Lupin gained up to 10 per cent to Rs 1,019 in the intra-day deals. At 10:46 AM, the stock was ruling over 8 per cent higher at Rs 1,008.15 and was the top gainer on the Nifty Pharma index. Cipla, Cadila Healthcare, Sun Pharma, and Torrent Pharma were next on the gainers' list as their share prices rose in the range of 3.3 to 2.1 per cent. All the 10 constituents of the Nifty Pharma index were trading in the green.

The benchmark Nifty50 index, on the other hand, was trading flat at 11,323 levels. 

For the April-June quarter, pharma companies have posted a mixed set of numbers.

For instance, Lupin reported a 64.72 per cent decline in its consolidated net profit at Rs 106.90 crore for the quarter to June 2020, hit by the Covid-19 pandemic. The company had posted a net profit of Rs 303.05 crore for the corresponding period of the previous fiscal. READ MORE

Sun Pharma, too, disappointed street with its Q1 numbers. The pharma major reported a surprise loss during the quarter under review hit by one-time charges. The company’s US business posted a 33.5 per cent decline, while India sales were up 3.2 per cent on a year-on-year (YoY) basis. Consolidated sales from operations was at Rs 7,467 crore, a decline of about 9.6 per cent over the same quarter last year. READ MORE

On the flip side, Ipca Labs reported an over three-fold jump in its consolidated net profit to Rs 445.68 crore due to robust sales. Divi's Laboratories posted an 80.61 per cent year-on-year (YoY) rise in consolidated net profit for the quarter under review. 


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel