Nifty Pharma Recovers As Dr. Reddy's, Glenmark Pharma Share Prices Lead
The market-cap of pharmaceutical companies increased Rs 3,281.70 crore to Rs 15.83 lakh crore as of 12:22 p.m.
NSE Nifty Pharma recovered its morning losses, tracking a rise in the shares of Dr. Reddy's Laboratories Ltd. and Glenmark Pharmaceuticals Ltd. The index has risen as much as 0.81% so far today.
The market-cap of pharmaceutical companies increased Rs 3,281.70 crore to Rs 15.83 lakh crore as of 12:22 p.m.
Nifty Pharma erased losses despite weakness across most sectors of the market. Benchmark indices were trading sharply down due to constant capital outflows and uncertainty in the global markets.
Flight to safety is also one of the reasons behind the recovery of Nifty Pharma on Monday.
Dr. Reddy's was the top contributor to Nifty Pharma's gains.
Glenmark Pharmaceuticals Ltd. shares rose as much as 3.76% in Monday's session to the day's high of Rs 1,349.70 apiece. The stock gained momentum following news that the company had settled lawsuits in relation to generic drug Zeita and Vytorin against its US subsidiary. The company settled the lawsuit with Centene, Kaiser, and Humana for $7 million, according to the exchange filing.
Glenmark Pharmaceuticals' settlement agreement states that it denies all the allegations.
Lupin Ltd. share price rose Monday as its US manufacturing unit in Somerset, New Jersey, received an Establishment Inspection Report from the US Food and Drug Administration. The drug authority conducted the inspection from Jan. 27–31.
Granules India share price rose today as it has entered into an acquisition agreement with Senn Chemicals AG, a Switzerland-based contract development and manufacturing organisation.
In terms of share price movement, Natco Pharma Ltd. and Glenmark Pharmaceuticals Ltd. were top two gainers. They were trading 3.83% and 5.13% higher, respectively.
Sun Pharmaceutical Industries Ltd. remained largely flat. Meanwhile, JB Chemicals and Pharmaceuticals Ltd. was the worst performing stock.
