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Shares of pharmaceutical companies are trading higher by upto 5% on reports that the Indian and global companies are looking to invest over Rs 1,000 crore in Gujarat's pharma sector.
The memorandums of understanding (MoUs) would be signed during the coming Vibrant Gujarat Summit, to be held between January 11 and 13. The business and trade meet will be held in Gandhinagar.
While senior officials of the state government were reluctant to reveal the details of the proposed investments, H G Koshia, commissioner, Food and Drug Control Administration, Gujarat, said: “Some of the key names include Leva Pharma, BDR Pharma International, Advanced Meditech Solutions Pvt Ltd, IPCA Labs as well as a few like Amneal Pharma and Zydus Cadila, which are planning to take up expansion projects in the state.”
At 1105 hours, CNX Pharma index, the largest gainer among sectoral indices, was up 1.9% as compared to 0.62% gain in the benchmark CNX Nifty.
Wockhardt, Cadila Healthcare, Cipla, IPCA Labs, Dr Reddy’s Labs, Torrent Pharma, Sun Pharma and Divis Labs have gained between 1-5% on the BSE.
