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Last Updated : Jul 08, 2020 11:32 AM IST | Source: Moneycontrol.com

D-Street Buzz: Pharma stocks gain led by Aurobindo Pharma; Dr Reddy's labs, Aarti Drugs gain 3-4%

Pharma index gained over a percent led by Aurobindo Pharma which gained over 3 percent followed by Dr Reddy's Labs and Alkem Labs which were up 2 percent each.

The Indian stock market is trading flat as coronavirus cases continue to surge. Sensex is down 8.40 points or 0.02 percent at 36666.12, and the Nifty is trading at 10800.30.

Among the sectors, the pharma index gained over a percent led by Aurobindo Pharma which gained over 3 percent followed by Dr Reddy's Labs and Alkem Labs which were up 2 percent each.

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The shares of Aurobindo Pharma surged over 80 percent in the last 3 months and was trading at Rs 802.30, up Rs 26.30, or 3.39 percent at 11:14 hours. It has touched an intraday high of Rs 803.35 and an intraday low of Rs 777.15.

Share price of Lupin added half a percent. The company has voluntary recalled Metformin Hydrochloride (500 mg-1 g) in the US.

Cipla stock gained a percent intraday on July 8. The first batch of Cipla's Remdesivir has left the manufacturing site of Sovereign Pharma, the Daman-based company that was contracted by the former to formulate Remdesivir into finished dosages. Cipla is among the six Indian generic pharma manufacturers that have signed non-exclusive voluntary licencing agreements with Gilead Sciences for its patented drug Veklury (Remdesivir).

S&P BSE Healthcare was up a percent with Aatri Drugs jumping almost 5 percent followed by Nectar Lifesciences, Morepen Lab, Shilpa Medicare, IOL Chemicals, Dr Lal PathLabs, Aster DM Health and Biocon among others.

Shares of Sun Pharma added a percent and was one of the top index gainers along with Dr Reddy's Labs which jumped 2 percent.
First Published on Jul 8, 2020 11:32 am
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