Shares of pharmaceutical companies are on a roll with the Bombay Stock Exchange (BSE) healthcare index hits a record high today on hopes of higher revenue growth in September quarter due to fall in rupee’s value during the quarter.
Glenmark Pharmaceuticals, Ranbaxy Laboratories, Lupin, Divi’s Laboratories, Cipla, Dr Reddy’s Laboratories, Sun Pharmaceutical Industries, Aurobindo Pharma, Wockhardt and Biocon are up 1-5% on the BSE.
The BSE healthcare index, the largest gainer among the sectoral indices, was up 1% at 9,665 points as compared to 0.90% fall in the benchmark index at 1200 hours. The healthcare index hit a record high of 9,679 in intra-day trades.
Analyst expects Sun Pharma, Lupin, Dr Reddy’s Laboratories, and Cadila Healthcare will witness higher growth from US due to depreciating rupee as they have more than 40% revenues coming from exports.