Sensex gives a huge thumbs-up to Lupin's shopping spree in Russia

Lupin rose 1.9 percent, making it the 2nd best gainer in the Nifty, after the pharma giant announced it had purchased a drugs company, Biocom, in Russia for an undisclosed amount. Lupin termed the purchase as strategic.

Russia's pharma market is valued at 20 billion dollars and has expanded by double digits over the past decade. Biocom has sales worth $22 million, which is roughly 1 percent of Lupin's topline.

Lupin's Russian foray is unlikely to be expensive because the Rouble itself has depreciated by 62 percent over the last one year. Biocom operates a factory which is compliant with European standards and this will help Lupin tap more markets in Eastern Europe.

Lupin rose 34.60 rupees to 1,898 on the National Stock Exchange, after hitting a high of 1,917 rupees.

(Image credit: Indiatimes)