Sun Pharmaceutical Industries and Cadila Healthcare second quarter results were the major result announcements this week.
The company reported net profit of Rs 2235 crore in the same period of previous year. Revenues declined 19.5 percent to Rs 6650 crore compared to Rs 8260 crore in the year ago period.
An official statement issued by Attorney General (AG) of Washington State, Bob Ferguson, yesterday said AGs of 45 other states, along with him, approached a federal court seeking to expand the pending complaint, increase the number of drug companies under probe to 18 from 6 and the number of affected drugs to 15 from 2.
Forty-six US state attorneys general will seek to expand a lawsuit alleging price fixing of generic drugs to 18 companies and 15 medicines on Tuesday, including Novartis AG's generic unit Sandoz and India-based Sun Pharmaceutical Industries Ltd.
Dadra is the company’s second largest USFDA-approved plant after Halol with several pending generic filings. Analysts estimate the Dadra formulation plant to generate USD 250 million in annual sales.
Mitessh Thakkar of mitesshthakkar.com is of the view that one can buy Sun Pharma and Escorts and can sell Indiabulls Real Estate, United Spirits and Strides Shasun.
Jewellery stocks, the likes of PC Jeweller and Titan Company which were up between 3-4 percent while ICICI Bank was the top gainer in the Nifty50 Index while SPARC plunged 11 percent intraday.
Mitessh Thakkar of miteshthacker.com recommends buying Sun Pharma and Escorts.
Ashwani Gujral of ashwanigujral.com advises holding Future Consumer with a stop loss at Rs 50.
"We have identified the speciality segment as one such driver which can help us transition up the value chain," he added.
Basant Maheshwari of Basant Maheshwari Wealth is of the view that pharma should be looked at but advises starting from the top notch companies, the bluechips.
According to Mitessh Thakkar of mitesshthakkar.com, one can sell Apollo Hospitals, Can Fin Home and ICICI Prudential Life and can buy Reliance Defence and Sun Pharma.
Pharma stocks like Divis Labs, Lupin, Aurobindo Pharma, Strides Shasun, Wockhrdt and Sun Pharma will get astrological support, says Satish Gupta of astrostocktips.
Prakash Gaba of prakashgaba.com is of the view that HDFC Bank can climb to Rs 1860 while Sun Pharma may test Rs 530.
Ashwani Gujral of ashwanigujral.com recommends selling Idea Cellular, Sun Pharma and Interglobe Aviation and advises buy Titan Company and UltraTech Cement.
The company is also entering into the third and the most important year of integration of Ranbaxy with the company.
Maybe that’s why amateur and professionals alike tend to lose their minds in bull markets, particularly when a hot initial public offering, or IPO, is offered to them by their broker.
The news highlights in the sector include first quarter results of Sun Pharma, Aurobindo Pharma, Cipla, Cadila Healthcare among others. The US pricing pressure looks more structural than a temporary event.
Shanghvi said the drug maker is giving top priority to bring back Halol unit under compliance
Sun Pharma is n focus after Taro, its US arm, reports a 30 percent decline in net sales. In an interview to CNBC-TV18, Amey Chalke, Research Analyst at HDFC Securities shared his readings and outlook on the same as well as on some other pharma stocks.
The Nifty Pharma index, itself, lost as much as 2.5 percent today, taking the total fall to 4.3 percent for three straight days.
According to Mitessh Thakkar of miteshhthakkar.com, one can sell Amara Raja Batteries, HDIL and Tata Motors DVR and buy Havells India.
For the week ahead, the index seems to be in a fix. If Index breaches the recent high of 10,115, then immediate resistance level stands at extrapolated levels 10,200 – 10,350 level in the near future.