Seven pharma stocks rose 0.46% to 3.18% at 12:27 IST on BSE as rupee edged lower against the dollar.
Lupin (up 3.18%), Strides Arcolab (up 2.3%), Dr Reddy's Laboratories (up 1.41%), Cipla (up 1.88%), GlaxoSmithkline Pharmaceuticals (up 0.46%) edged higher. Glenmark Pharmaceuticals (down 0.37%), Wockhardt (down 0.12%) and Ipca Laboratories (down 0.48%) edged lower.
Meanwhile, the S&P BSE Sensex was up 22.39 points or 0.08% at 26,414.77.
In the foreign exchange market, the partially convertible rupee was hovering at 66.28, compared with its close of 66.1675 during the previous trading session on Friday, 28 August 2015.
Weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports.
Sun Pharmaceutical Industries was up 2.03% at Rs 902.95. With regard to news item titled "A class action suit filed against a Sun Pharma subsidiary arm Caraco Pharmaceutical Laboratories in US by workers", Sun Pharmaceutical Industries clarified after market hours on Friday, 28 August 2015, that the news item pertains to a decision by the 6th US Circuit Court of Appeals in a class action lawsuit by some former employees of Caraco Pharmaceutical Laboratories after the shut down of Caraco's Michigan facility in the United States. Sun Pharmaceutical Industries said that there is no material impact of this court order on the operations or performance of the company. Caraco based in the United States is a subsidiary of Sun Pharmaceutical Industries.
Aurobindo Pharma was up 2.29% at Rs 772.05. Aurobindo Pharma on Saturday, 29 August 2015, announced it has received the final approval from the US Food & Drug Administration (USFDA) to manufacture and market Raloxifene Hydrochloride Tablets USP 60mg. The drug is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Evista Tablets 60mg of Eli Lilly. Raloxifene Hydrochloride Tablets are indicated for the treatment and prevention of osteoporosis in postmenopausal women. The product had an estimated market size of $404 million in the United States for the twelve months ended June 2015, according to IMS data.
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