Pharma stocks climb 7 pc

New Delhi, Apr 3 (PTI) Shares of Pharmaceutical companies on Thursday climbed 7 per cent after the Trump administration exempted pharmaceuticals from reciprocal tariffs.

The scrip of Jubilant Pharmova rallied 6.82 per cent to close at Rs 971.65 apiece, Ipca Laboratories by 5.26 per cent to settle at Rs 1,489.75, Lupin by 4.26 per cent to finish at Rs 2,095, and Sun Pharmaceutical Industries by 3.26 per cent to conclude at Rs 1770.10 on the BSE.

Additionally, Cipla's stock rose 2.92 per cent to settle at Rs 1,495.15 per piece, Divis Laboratories by 1.90 per cent to close at Rs 5,770.85, Glenmark Pharma by 1.89 per cent to conclude at Rs 1,545, and Gland Pharma by 1.75 per cent to end at Rs 1,562, and Aurobindo Pharma by 1.50 per cent to finish at Rs 1,176.05.

On the other hand, the securities of Torrent Pharmaceuticals went up 1.09 per cent to finish at Rs 3,244.40 per share and Dr Reddys Laboratories' by 0.13 per cent to settle at Rs 1,151.25 apiece on the exchange.

However, the market ended in negative territory, with the 30-share BSE Sensex declining 322.08 points or 0.42 per cent to close at 76,295.36. The broader NSE Nifty fell 82.25 points or 0.35 per cent to settle at 23,250.10.

US President Donald Trump, in a historic measure to counter higher duties on American products imposed globally, on Wednesday announced reciprocal tariffs on about 60 countries, including India.

He announced 27 per cent reciprocal tariffs on India, saying New Delhi imposes high import duties on American goods. However, pharmaceuticals and other essential items are exempted from the increased import duty.

The US administration exempted pharmaceuticals from reciprocal tariffs, underscoring the critical role played by generic medicines globally, Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain said.

IPA is a network of top 23 Indian pharma companies, including Sun Pharma, Dr Reddy's Laboratories, Lupin, Torrent and Glenmark. PTI HG HG SHW

Source: PTI