Ten pharma stocks rose by 0.12% to 4.78% at 15:29 IST on BSE after Finance Minister Arun Jaitley in Union Budget 2015-16 alloted Rs 33152 crore to the health sector in the schemes for the poor.
Meanwhile, the S&P BSE Sensex, was up 156.58 points or 0.54% to 29,376.70.
Among pharma stocks, Sun Pharmaceutical Industries (up 2.34%), Ranbaxy Laboratories (up 2.16%), Aurobindo Pharma (up 4.78%), Cipla (up 0.96%), Lupin (up 0.12%), Wockhardt (up 0.51%), Strides Arcolab (up 0.31%), Shasun Pharmaceuticals (up 0.6%), Divi's Laboratories (up 0.59%), and Dr Reddy's Laboratories (up 1.82%) gained.
Finance Minister Arun Jaitley presented Union Budget 2015-16 in the parliament today, 28 February 2015. In the budget Arun Jaitley has said that in spite of the large increase in the devolution to states, adequate provision is being made for the schemes for the poor with allocation of Rs 33152 crore to the health sector. He said, with a view to encourage savings and to promote health care among individual tax payers, it is proposed to increase the limit of reduction of health insurance premium from Rs 15000 to Rs 25000 and for senior citizen this limit is being increased from Rs 20000 to Rs 30000. Three new National Institutes of Pharmaceutical Education and Research will be set up in Maharashtra, Rajasthan and Chattisgarh and one institute of Science and Education Research will be set up in Nagaland and Odisha each.
Finance Minister Arun Jaitley also said that the basic corporate tax rate will be reduced to 25% from 30% over the next four years.
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