Lupin, Biocon Leading Gains Amid Trump's Threats Of 200% Tariff On Drug Import
Lupin Ltd., Biocon Ltd., Granules India Ltd., shares gained despite the sentiment for overall pharmaceutical stocks got affected after US President Donald Trump threatened to impose steep tariffs on drug import. Trump threatened to impose 200% tariff on drugs within a year.
India's pharmaceutical companies conducts substantial business in the US, which is making them more vulnerable to US trade decisions compared to other sectors.
Trump's new threat came right after he imposed a 50% tariff on copper import. He also warned of more tariffs on different sectors.
The NSE Nifty Pharma index traded in the green with gains of 0.45% during early trade. The market-cap of pharma stocks stood at Rs 17 lakh core as of 9:31 a.m.
Shares of Lupin marked the highest gains in the lot with nearly 1.5% gains while Biocon was also trading over 1% higher. Granules India marked gains of over 0.98%, trading at Rs 485. Shares of Auro Pharma was also trading in the green as of 9:20 a.m. The shares of Natco Pharma and Ipca Lab were trading lower marking losses of less than 1%. Shares of Zydus Life was also trading in the red, compared to the 0.16% decline in the benchmark index Nifty 50 as of 9:32 a.m.
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