Pharma stocks Rose: In today’s business, there is a strong rise in pharma stocks. In the business, the pharma index on the Nifty rose more than 2.5 percent to reach 11827 levels. Most pharma stocks included in the index and outside the index are seeing a boom. Today, when the device reached the lab record high, Gland Pharma has an upper circuit of 20 percent. At the same time, it saw a rise of 45 percent in 2 days. Shares like Dr. Reddy’s and Aurobindo Pharma are also seeing great gains. After all, why are pharma stocks gaining momentum?
Nifty pharma shares
Today, Dr. Reddy’s is more than 3 percent faster, while Alchem Lab has also become 3 percent stronger. Aurobindo Pharma has more than 2.5% strength. Sun pharma and device labs have also strengthened by over 2 per cent. Cadila, Cipla, Lupine and Biocon are also up.
Upper Circuit in Gland Pharma
In today’s business, Gland Pharma has an upper circuit of 20 percent. Gland Pharma has gained 45 percent in the last 2 days. Please tell that Gland Pharma has been listed in the stock market in the past week. The share price for the IPO was Rs 1500. Since then, the stock has gained Rs 683. Today the stock reached a price of Rs 2,183.45. It has become 46 percent stronger than the issue price.
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What is the reason
Today, there is strong action in pharma stocks. Pharma stocks have come with good volumes. The biggest reason behind this is that recently the US FDA has approved the drugs of some companies or is in the pipeline. This has given rise to enthusiasm in the pharma sector. Domestic and globally drug sales figures are better.
At the same time, investors are once again feeling uncertain about the economy amid increasing cases of coronavirus. Because of this, their trend on the defensive sector has increased. Pharma is considered a defensive sector. Another wave of Corona has once strengthened the outlook in the pharma sector. At the same time, pharma company Glenmark has said that Favipiravir drug has been found effective in the treatment of corona. The COVID 19 vaccine being made jointly by Bharat Biotak and ICMR has also raised hopes of coming to the market soon.