BSE Healthcare index hits record high; Laurus Labs, Dr Reddy's at new highs

Lupin, Stride Pharma, Neuland Labs, Lincoln Pharma, and Hikal hit their respective 52-week highs on the BSE

Shares of pharmaceutical companies were on a roll at the bourses on Friday, with the S&P BSE Healthcare index surging nearly 3 per cent to hit its record high on the back of positive news flow.

Laurus Labs, Dr Reddy’s Laboratories and Apollo Hospitals from the index hit their respective record highs, while Lupin, Stride Pharma, Neuland Labs, Lincoln Pharma and Hikal scaled their respective 52-week highs on the BSE.

At 09:48 am, the S&P BSE Healthcare index, the top gainer among sectoral indices, was up 2.9 per cent at 20,282 points, as compared to 0.4 per cent rise in the S&P BSE Sensex. The healthcare index hit a record high of 20,294 in intra-day trade today.

In a positive development for Lupin and Cipla, Perrigo has announced a voluntary recall of its albuterol sulphate inhalation aerosols in the US over concerns that some units may not dispense properly due to clogging issues. Shares of Lupin rallied 7 per cent to Rs 1,107, while Cipla surged 5 per cent to Rs 790 on the BSE.

Dr Reddy's hit a fresh record high of Rs 5,090, up 6 per cent, after the company entered into a settlement agreement with Celgene Corp. In the past three days, the stock has gained 15 per cent after the firm said it has been roped-in by Russia-based Russian Direct Investment Fund (RDIF) to distribute 100 million Covid-19 vaccine doses in India.

Laurus Labs, too, hit a fresh record high of Rs 1,480 after rising 5 per cent tday. The stock has rallied 18 per cent thus far in the current week on expectation of strong earnings in July-September quarter (Q2FY21). The pharmaceutical company's stock was trading higher for the tenth straight day.

Meanwhile, the stock of Laurus Labs will turn ex-date for 1:5 stock split on September 29, 2020. The company's board of directors has fixed September 30, 2020, as the record date for the sub-division of equity shares of the company from the existing face value of Rs 10 each to Rs 2 each. The company announced, on April 30, its stock split plan to make the stock more affordable for the small retail investors and increase liquidity.

COMPANY	LATEST	PREV CLOSE	GAIN(%)
NATCO PHARMA	863.05	776.45	11.2
NEULAND LABS.	1192.00	1123.95	6.1
LUPIN	1094.20	1037.95	5.4
DISHMAN CARBOGEN	179.15	170.65	5.0
LAURUS LABS	1473.45	1405.50	4.8
DR REDDY'S LABS	5048.70	4826.60	4.6
J B CHEM & PHARM	1113.60	1068.40	4.2
GLENMARK PHARMA.	513.10	492.35	4.2
CIPLA	783.25	752.05	4.2
FERMENTA BIOTEC.	379.20	366.25	3.5
HIKAL	189.50	183.05	3.5
DIVI'S LAB.	3320.00	3211.15	3.4
WOCKHARDT	305.55	296.05	3.2
SUN PHARMA.INDS.	527.80	511.85	3.1
CAPLIN POINT LAB	589.75	572.15	3.1