After opening the day lower, share markets in India have continued the downtrend and are currently trading below the dotted line. Sectoral indices are trading on a mixed note with stocks in the realty sector and stocks in the pharma sector trading in green, while stocks in the capital goods sector are leading the losses.
The BSE Sensex is trading down by 164 points (down 0.5%), and the NSE Nifty is trading down by 51 points (down 0.5%). Meanwhile, the BSE Mid Cap index is trading down by 0.4%, while the BSE Small Cap index is trading down by 0.3% The rupee is trading at 64.36 to the US$.
In news from stocks in the pharma sector. Bucking the overall market sentiment, the pharma sector is trading higher today. Cadila Healthcare share price is among the top gainers on the bourses, up by 3% intraday and is trading near all-time high levels. Notably, the stock has been consistently breaching its all-time highs since the last week.
The up move was triggered as Cadila Healthcare announced its subsidiary Nesher Pharmaceuticals had received final approval form the US Food and Drug Administration (USFDA) approval to market Nystatin topical powder in the US.
Nystatin Topical Powder is an antifungal antibiotic used to treat skin infections caused by yeast. It will be produced at the Nesher Pharmaceuticals’ manufacturing facility located at St. Louis, MO, USA.
Last week, the company received final approval from USFDA to market Mesalamine tablets, which is used for the treatment of mild to moderate ulcerative colitis. The drugmaker has over 117 approvals and 300 ANDAs since the commencement of the filing process in FY04.
At the time of writing, Cadila Healthcare share price was trading up by 2.5%.
Recenly, Cadila Healthcare Ltd has become India’s second-most valuable pharmaceutical company in terms of market capitalization, beating drug makers like Lupin Ltd, Dr Reddy’s Laboratories Ltd and Cipla Ltd that have much higher revenues. Sun Pharmaceuticals Industries continues to be the most valued pharma company in India with a market cap of Rs 1.22 trillion.
Leave A Comment