Shares of 12 pharma companies rose by 0.12% to 4.40% at 13:45 IST on BSE, following the recent sharp slide of the rupee against the dollar.
Meanwhile, the S&P BSE Sensex was up 334.50 points or 1.29% at 26,194.67.
Aurobindo Pharma (up 4.40%), Lupin (up 3.49%), Sun Pharmaceutical Industries (up 3.23%), Cipla (up 2.58%), Dr Reddy's Laboratories (up 2.50%), Glenmark Pharmaceuticals (up 2.30%), Cadila Healthcare (up 2.17%), Piramal Enterprises (up 1.69%), Strides Shasun (up 0.96%), Wockhardt (up 0.86%), Divi's Laboratories (up 0.77%) and IPCA Laboratories (up 0.12%), edged higher. Alkem Laboratories (down 1%) and GlaxoSmithKline Pharmaceuticals (down 1.03%), edged lower.
Weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 68.4725, compared with its close of 68.745 during the previous trading session.
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