Pharma stocks off lows as govt announces Rs 61,000 crore outlay

Pharma stocks off lows as govt announces Rs 61,000 crore outlay

NEW DELHI: Shares of pharma companies rose from their day’s lows with many returning in the green as Finance Minister Nirmala Sitharaman announced a health infrastructure scheme with an outlay of over Rs 61,000 crore.

“Significant increase in health infrastructure of the country: big positive for pharma sector,” said Sanjay Sanghvi of Khaitan & Co.

Sun Pharmaceutical Industries (up 1.08 per cent), Aurobindo Pharma (up 0.3 per cent) and Biocon (up 0.05 per cent) were among the top gainers. While Dr Reddy’s Laboratories (down 3.32 per cent), Torrent Pharmaceuticals (down 2.4 per cent), Lupin (down 1.83 per cent), Alkem Laboratories (down 0.38 per cent), Cipla (down 0.17 per cent) and Cadila Healthcare (down 0.08 per cent) were the top losers in the index.

The Nifty Pharma index was trading 0.74 per cent down at 12079.7 around 11:17AM.

Benchmark NSE Nifty50 index was up 138.45 points at 13773.05, while the BSE Sensex was up 538.48 points at 46824.25. Among the 50 stocks in the Nifty index, 34 were trading in the green, while 15 were in the red.

Shares of Vodafone Idea, YES Bank, Tata Motors, SAIL, IDBI Bank, IDFC First Bank, PNB, Indian Railway Finance Corporation Ltd., ICICI Bank and Indian Oil Corp were among the most traded shares on the NSE.

Shares of Sundaram Clayton, KNR Construct, ICICI Bank, Max Healthcare, Suzlon Energy, Dilip Buildcon, Lakshmi Machine and Adani Gas hit their fresh 52-week high in today’s trade, while Jump Networks Ltd., Shrenik Ltd. and Tirupati Forge Ltd. hit fresh 52-week low in trade.

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