Pharma stocks go through the roof, Sun Pharma at 52-week high
The Nifty Pharma index rallied 1.67% in afternoon trade on Tuesday. It was supported by gains in Glenmark, Piramal Enterprises, Cadila Healthcare, Sun Pharma, and Dr.Reddy’s.
Further, Sun Pharma, Cipla, and Divi’s Labs also hit their 52-week-high of Rs639.45, Rs663.40, and Rs1,259.05, respectively, on the NSE on Tuesday.
Among other stocks, Pharma major Lupin gained over 1% after it received final USFDA approval for its Hydrocortisone Butyrate Lotion, 0.1%.
Incidentally, pharma stocks have been on an upswing in recent months. Sun Pharma and Torrent Pharma have zoomed 29% each, while Dr.Reddy’s and Lupin, which have outstanding warning letters on their manufacturing facilities, have also gone up by over 15% each in the past three months.
On Tuesday, all pharma stocks except Divi’s Labs were trading in the green.
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