InvestorQ : Why did pharma companies like Sun Pharma and Biocon rally sharply on 10 July?
indhumathi Sayani made post

Why did pharma companies like Sun Pharma and Biocon rally sharply on 10 July?

Answer
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shrinidhi Rajan answered.
3 months ago


Pharma stocks saw a strong rally of up to 6% on 10 July in a market that broadly showed weakness. This was on the back of an expected pick-up in growth in the sector. After a long time, Indian pharma posted 2.5% growth in Jun-20 with cardiac therapy and respiratory therapies segments growing at a healthy 10%.

During the trading day on Friday, Granules was up 6% while Biocon was up by 3% with both stocks hitting record highs. Other pharma stocks like Aurobindo Pharma, Sun Pharma, Divi’s Laboratories and Cipla were also among the gainers. Pharma stocks have been one of the best performers during the COVID-19 lockdown on the back of robust demand cycles.