Shares in pharma companies in intra-day trade have either hit fresh highs or reached 52-week high as there is seen growth picking up in the segment. Nifty Pharma stands as the gainer by over 1% in afternoon trade. "Cardiac therapy grew 11.8 per cent (3.9 per cent in May), anti-diabetic was up 7 per cent (1.1 per cent in May) and respiratory grew 9.3 per cent (vs 5.9 per cent de-growth in May). Anti-infectives were flat YoY (down 0.1 per cent) vs. - 20.8 per cent in May," the report by brokerage firm ICICI Direct said.
This is even as the markets trade weak on weak sentiments globally due to rising coronavirus both domestically as well as internationally.
Pharma stocks that have hit 52-week or record high are listed in a tabular form below:
|Pharma Stocks||52-Week or Record High Price on July 10, 2020|
|Granules India||Rs. 240 (fresh high)|
|Biocon||Rs. 419 (fresh high)|
|Aurobindo Pharma||Rs. 829 (52-week high)|
Others from the Nifty pack including the likes of Sun Pharma, Divi's Lab, Torrent Pharma were up between 1-3%.
Analysts at Emkay Global Financial Services expect the pharma sector to continue to relatively outperform in the near term given the defensive earnings characteristics. But now as the prices of the stocks from the space have seen sharp rally, there is little scope and brokerage now turn selective.