Britain's decision to exit from the European Union (EU) will have minor impact on Indian pharma industry, said Phillip Capital (India) Research on Friday. 

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"Brexit has raised business concerns around the world about trade and currency fluctuations, but Indian pharma seems immune," Surya Patra and Mehul Sheth from Phillip Capital Research said in research note on June 24. 

At 10:28 hours, the shares of Venus Remedies were trading up 7.69% or Rs 5.85 at Rs 81.90 per scrip on the Bombay Stock Exchange (BSE) on Monday.

At 10:26 hours, Neuland Laboratories' shares was trading up 2.65% or Rs 21.95 at Rs 849.00 per scrip on the exchange.  At 10:27 hours, the stock of Dr Reddy's Laboratories was trading up 1.67% or Rs 52.70 at Rs 3,203.00 on the BSE. 

See LIVE pharma stock prices here-

Britain on Thursday announced its referendum to move out of the EU which resulted in the resignation of its Prime Minister David Cameron whereby shocking the markets worldwide. 

Indian pharma has a large exposure to business from the United States (US), and its exposure to Europe and specifically to the the United Kingdom (UK), is marginal, cited the two analysts in a statement.

Brexit is unlikely to have any major  trade issues between India and Britain and the EU continent and the resulting currency fluctuations could have minor impact on Indian pharmaceutical companies. 

"While we do not expect any major trade issues due to Brexit, consequent currency fluctuations (INR/GBP, INR/EUR, and INR/USD) could have some minor impact on Indian pharma," the two analysts said. 

Great Britain Pound (GBP)/Euro (EUR) have depreciated by 8.9% and 2.6%, respectively against the Indian Rupee (INR) due to Brexit, while the rupee has depreciated by 1.2% against the US dollar. 

Adverse currency fluctuations in the GBP and EUR are almost neutralised by the favourable move in the US dollar, minimising currency impact, the statement noted. 

The currency fluctuation will have minimal impact on net sales of Indian pharma companies such as Aurobindo Pharma (minus 0.2%), Cadila (0.4%), Cipla (0.1%), Dr Reddy's (0.1%), Glenmark Pharmaceuticals (minus 0.2%), among others.

According to Phillip Capital Research, top picks from Indian pharma companies are Aurobindo Pharma India Ltd (ARBP IN) and Dr Reddy's Laboratories Ltd (DRRD IN) that investors should look forward to while investing in pharma companies.