Top pharma stock movers — Lupin, Cipla, Dr Reddy’s steal the show
- The Nifty Pharma index gained 2.82% during the early trading hour.
- These were the top gainers in the Nifty Pharma pack.
- Check out the latest news and updates on Business Insider.
Nifty Pharma index was trading 382.50 points higher, while the Nifty 50 index was up 44 points at 9:30 am.
These were the top gainers in the Nifty Pharma pack:
Lupin gained 7%, and Cipla was up 5%
The shares of Lupin Limited gained 7%, and Cipla was trading 5% higher during the trade on September 18. The jump in the shares of the pharma companies came after its Irish-peer Perrigo voluntarily recalled albuterol inhalation. This development bodes well for Lupin and Cipla.
Cipla launched gProventil in April this year, and Lupin’s gProAir is expected to be launched this month.
Dr Reddy’s Laboratories gains 4%
Dr.Reddy’s Laboratories was the third-largest gainer in the Nifty pharma pack, trading almost 4% higher. The company has announced a settlement of litigation with a unit of Bristol Myers Squibb related to patents for Revlimid (lenalidomide) capsules, used to treat various kinds of cancer.
“We are pleased with the settlement agreement, and look forward to bringing a generic version of lenalidomide to market soon subject to regulatory approval for the benefit of patients,” Dr Reddy’s Laboratories North America Generics CEO Marc Kikuchi said.
Other pharma stocks surge in trade as well
Other pharma were also trading higher fueled by the rally in the pharma sector. Sun Pharma, Divi’s Laboratories, Aurobindo Pharma and Torrent Pharmaceuticals are all up over 2%.
SEE ALSO: Top stocks to watch— Dr Reddy's Laboratories, HDFC Bank, TVS Motor, Vedanta, IRCTC, L&T, Bharat Forge, HAL, and more
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