Pharma shares dip on profit bookings

Shares of pharmaceutical companies have fallen by up to 17% on the bourses in late noon trade on profit bookings.

Sun Pharma Advanced Research (SPARC), Natco pharma share price, Ajanta Pharma, Strides Arcolab, Suven Life Sciences, Dishman Pharmaceuticals and Chemicals, Shasun Pharmaceuticals, Wockhardt, Orchid Chemicals and Pharmaceuticals and Aurobindo Pharma were down 5- 17% on the Bombay Stock Exchange (BSE). Most of these stocks had rallied 10% -60% in past one month.

At 1512 hours, S&P BSE Healthcare index was down 1.5% or 269 points at 17,043 compared with 0.70% or 200 points decline in the S&P BSE Sensex.

In past one month, S&P BSE Healthcare index had rallied 9.6% against 3.3% fall in the benchmark index till yesterday.

Among the individual stocks, SPAC has tanked 17% to Rs 449 on the BSE.  The stock had rallied 42% in from Rs 381 to Rs 540 in past one month.

Natco Pharma locked in lower circuit of 10% at Rs 1,948 with no buyers were seen on the counter. It rallied nearly 60% from Rs 1,369 on February 20, 2015 to Rs 2,164 on Thursday.

Natco Pharma rallies for sixth straight day; stock surges 50%

Shares of Natco Pharma share Price has rallied 7% to Rs 2,196, extending its previous day’s 15% surge on the BSE after the company said it has received the approval for the generic anti-hepatitis C medicine sofosbuvir tablets of 400 mg from the Drugs Controller General-India (DCGI).

Today, the stock opened at Rs 2,080 and hit a fresh record high of Rs 2,264 on BSE. The trading volumes on the counter more than doubled with a combined 526,473 shares changed hands on the BSE and NSE till 1027 hours.

The stock of pharmaceutical company rose for a sixth straight session after the company signed a non-exclusive licensing agreement with Gilead Sciences to manufacture and sell generic versions of its chronic hepatitis C medicines in 91 developing countries. It rallied nearly 50% from Rs 1,492 on March 3, 2015 compared with 2.5% fall in the S&P BSE Sensex.

Meanwhile, Dilip S Shanghvi, the promoter of Sun Pharmaceutical Industries hold 3.46% stake in Natco Pharma as on December 31, 2014, the shareholding pattern data shows.