Vaccine cheer: Pharma stocks hit new life-time highs, RPG Lifesciences, Panacea, Cadila surge the most
A day after the government allowed everyone above the age of 18 years to get vaccinated against coronavirus, shares of pharmaceutical companies have jumped to a new life-time high on both Nifty Pharma and the S&P BSE Healthcare indices intraday.
A day after the government allowed everyone above the age of 18 years to get vaccinated against coronavirus, shares of pharmaceutical companies have jumped to a new life-time high on both Nifty Pharma and the S&P BSE Healthcare indices intraday.
Pharms stocks such as Sun Pharmaceutical Industries, Cadila Healthcare, Glenmark Pharmaceuticals, Panacea Biotech, and RPG Lifesciences have hit 52-week highs in the intra-day trade today. On Tuesday, a significant resurge in the covid cases has led to a spike in demand for Covid-related drugs.
Post government’s announcement regarding the vaccination drive, investors flocked to buy pharma stocks as the announcement opens up the private market for vaccination and provides more leeway to states and private companies.
The benchmark indices made a marginal fall by over 0.5 per cent. The pharma Index was the biggest contributor to avert substantial fall in the wider market. The index grew by over one per cent during today’s trade.
Of the above five mentioned companies, RPG Lifesciences hit the upper circuit by rising 20 per cent today, whereas Panacea Biotech surged over 10 per cent. These stocks fall under the list of S&P BSE Healthcare Index.
In the Nifty Pharma index, Cadila Healthcare surged the most, over five per cent, to touch a 52-week high intraday, followed by Sun Pharma which closed flat but positive in today’s trade.
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