The rupee's appreciation of 6.4 per cent against the dollar and 12 per cent against the euro is likely to hurt the first-quarter performance of the pharmaceutical sector, indicate a results' preview by broking houses.
The numbers are the highest ever in the history of domestic drug discovery initiatives triggered by companies such as Dr Reddy's and Ranbaxy over a decade ago.
Sun maintained it would retain the best of both organisations to build a global pharma company.
Fortune seekers in the Indian pharmaceutical space will find this irresistible. In less than 24 months, 26 blockbuster medicines, worth over $69 billion (about Rs 3,10,000 crore) -- or thrice the size of the domestic industry -- are going off-patent in the world's largest drug market, the United States.
While the Sun management is confident of turning around Taro, industry observers say that historically, Indian drug firms have had mixed results in their attempts to integrate their foreign acquisitions with the parent entity.
Companies asked to give data for three batches instead of one; move may lead to significant rise in development cost of generics
HDFC and HDFC Bank were the biggest losers in the Sensex pack, plunging 5.09 per cent and 3.32 per cent, respectively, after the private bank reported a rise in non-performing assets.
But the newer entrants prove nimbler than the slowing pioneers.
The brokerage said it expected corporate earnings to turn around.
A US district court has dismissed a petition by Israel's Taro Pharmaceutical Industries to block leading Indian drug maker Sun Pharma from launching an open offer to acquire majority stake in the former.
Among major Sensex gainers, ITC rose the most by 2.32 per cent, followed by TCS, M&M, SBI and Bharti Airtel.
Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel who fell by up to 2.80 per cent.
At least two key drugs in the gliptin category have already gone off patent and cheaper variants are crowding the market. Also, several patent expiries are round the corner for the newest category of drugs - SGLT-2 inhibitors or gliflozins.
Sun Pharma was the biggest gainer in the Sensex pack, advancing 1.79 per cent.
US-based Abbott Laboratories has sued Sun Pharmaceutical Industries and Ranbaxy Laboratories in courts there for challenging the patents of its cholesterol-lowering drugs, Niaspan and TriCor, respectively, in separate infringement suits.
Reliance Industries rose by 1.16 per cent while ITC and ICICI Bank zoomed up to 2 per cent, lifting the indices to all time high levels.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
Among the Sensex constituents, Larsen and Toubro emerged as the top performer with a gain of 2.76 per cent after the company announced winning large contracts from domestic clients.
The Nifty closed at 4875, up 19 points. The market breadth was negative. Out of 2907 stocks traded on the BSE, there were 889 advancing stocks as against 1924 declines.
Sun Pharmaceutical Industries on Friday said that it has received the US Food and Drug Administration's nod to market a generic version of alprazolam, an anti-anxiety drug, in the US market.
Investors turned cautious weighing weak GDP numbers and continued drop in automobile sales, bringing banking and auto sector stocks under pressure.
Top losers include Hero MotoCorp, HDFC, SBI, Infosys, HCL Tech, ICICI Bank, Bajaj Finance, ONGC, Bajaj Auto and IndusInd Bank, falling up to 2.63 per cent.
This increase is despite the decreased growth of drug sales in the US - the world's largest market - which has seen a tightening of regulations and aggressive competition.
In the Sensex pack, Hero MotoCorp, IndusInd Bank, Bajaj Auto, Maruti and M&M were the top gainers, spurting up to 2.66 per cent.
In many cases, of course, financial institutions like Life Insurance Corporation or government-controlled banks have come to the rescue of Indian companies facing takeover threats.
IndusInd Bank was the biggest gainer in the Sensex pack, rallying 5.23 per cent, followed by Hero MotoCorp, Coal India, Yes Bank, PowerGrid, ICICI Bank, HCL Tech, L&T, Kotak Bank and Bharti Airtel, rising up to 1.56 per cent.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances