Nifty Pharma underperforms by 1% as Biocon drags most after Q2 result; Cadila, Torrent Pharma also weighs

Pharma stocks were under pressure as Q3FY21 corporate results continue at full swing. From the sector, Biocon is the latest that presented its financial performance, which led investors on Friday to book profits heavily in the company to the point Biocon was worst hit. On Nifty Pharma, 3 scrips advanced and 7 scrips declined.

At around 3 pm, Nifty Pharma was trading at 12,601.45 down by 95.70 points or 0.75%. The index has touched an intraday low of 12,468.75.

Biocon was the top underperformer down by nearly 10% after the company’s Q3FY21 net profit stood at Rs186.6cr, declining by 18.97% from Rs230.3cr a year ago same period. However, Biocon’s revenue increased by 7.81% to Rs1,851cr in the quarter under review, against Rs1,716.8cr last year similar quarter.

In the losers list, Cadila Healthcare also weighed on the sector’s performance by tumbling nearly 2% followed by Torrent Pharma, Alkem Lab and Divis Lab which slipped by over 1% each.

Sun Pharma plunged nearly 1%, while Cipla dived marginally.

On the positive side, Aurobindo Pharma gained by 3% followed by Lupin up 1.5% and Dr Reddy’s which surged marginally.

The Ministry of Health and Family Welfare today said that India has crossed a significant landmark in its collective and resolute fight against the global pandemic.

The ministry highlights that India vaccinates nearly 10.5 lakh beneficiaries till 6th day of the nationwide COVID19 vaccination drive – more than many other countries. 

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