Nifty Pharma hits all-time high: What's driving the rally
The Nifty Pharma index on Tuesday reached an all-time high, soaring to 17,251 points with a 3% increase. This impressive growth is due to factors such as better performance in the US generics market, strong results in branded markets, lower raw material costs, and market share gains in recently launched products. 19 out of 20 stocks on the index ended in positive territory, and 10 among them recorded fresh 52-week highs in today's trading session.
Lupin reaches new highs
Lupin reached a new all-time high of Rs. 1,404.70 per share after Japanese brokerage firm Nomura increased the target price from Rs. 1,290 to Rs. 1,593. This optimistic outlook is primarily due to Lupin's strong US pipeline and growth in India business. The company is expected to see product launches in the US and expansion in India, emerging markets (EMs), and Europe, driving margin improvement.
Other pharma stocks achieve one-year highs
Several other pharmaceutical companies achieved new one-year highs in today's trading session. These companies include Cipla, Glenmark Pharmaceuticals, Aurobindo Pharma, Divi's Laboratories, Sun Pharmaceutical Industries, Granules India, GlaxoSmithKline Pharmaceuticals, Laurus Labs, and Zydus Lifesciences. Alembic Pharmaceuticals saw a 7.4% increase to Rs. 820.8 per share after receiving USFDA approval for eight drugs during the December quarter.
