Nifty Pharma Rallies Upto 3%; Lupin Hits 52-Week High On 10% Gains

Pharma stocks in trade on Friday (August 14, 2020) were quoting higher with the sectoral index Nifty Pharma gaining close to 3% to day's high of 11,800.65 against previous day's close of 11,477.95 points. At the time of writing this story, Nifty Pharma quoted at 11692.8, up 1.87%, while the benchmark Nifty index was trading with gains of 0.29% or 32.85 points at 11333.30.

Nifty Pharma Rallies Upto 3%; Lupin Hits 52-Week High On 10% Gains

Among index constituents, Lupin surged the most by 10% to Rs 1021.75 on the BSE, hitting 52-week high, which is also its highest price since November 2017. Sun Pharma, Cipla, Biocon and Torrent Pharma are among shares pulling the index higher in trade. All of the 10 Nifty Pharma constituents are trading with gains.

For Q1FY21 pharma companies have posted mixed earnings results. Say for instance, Lupin posted decline in its consolidated net profit by 64.72% at Rs 106.90 crore for the quarter ended June 2020. In the previous year, during the same quarter the company posted a net profit of Rs. 303.05 crore.

Ipca Labs, on the other hand, posted a three-fold surge in its consolidated net profit to Rs 445.68 crore on account of strong sales. Also, Divi's Lab posted an 80.61 % YoY increase in net profit for the period under review.

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