Nifty Pharma index movement
Shares of pharmaceutical companies were in demand with the Nifty Pharma index gaining 3 per cent to 23,164.10 in Thursday’s intra-day trade in an otherwise weak market.
Piramal Pharma and Dr Reddy's Laboratories rallied 9 per cent and 8 per cent, respectively on the National Stock Exchange (NSE) in intra-day deals.
Glenmark Pharmaceuticals, Cipla, Wockhardt, Mankind Pharma, Lupin, Zydus Lifesciences, Laurus Labs, Ipca Labs, Divis Laboratories, Strides Pharma Science and Onesource Specialty Pharma were up in the range of 3 per cent to 6 per cent in intra-day trade.
At 10:53 AM on Thursday, the Nifty Pharma index was up 2.2 per cent, as compared to 0.71 per cent decline in the Nifty 50. The pharma index had hit a 52-week high of 23,540.90 on March 11, 2026.
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Brokerages view on pharma stocks, sector
Shares of Piramal Pharma rallied 9 per cent to ₹168.50 on the NSE in intra-day trade. The stock was the top gainer among Nifty Pharma index.
JM Financial Institutional Securities maintains a 'BUY' rating on Piramal Pharma with a target price of ₹211.
Piramal Pharma has secured a new commercial contract for its overseas unit that, although small, adds to its expanding commercial portfolio and is likely to support profitability improvement at international subsidiaries. Botanix Pharmaceuticals has announced that it has on boarded Piramal Pharma as a secondary API supplier for Sofdra (sofpironium bromide), with manufacturing to be carried out at Piramal’s Riverview facility and scale-up expected fromFY28; the brokerage firm estimates peak revenue potential of $15mn–20mn from this opportunity.
Shares of Dr Reddy's Labs soared 8 per cent to ₹1,313 in intra-day trade. The stock now trades close to Choice Institutional Equities’ target price of ₹1,315. It had hit a 52-week high of ₹1,377.95 June 12, 2025.
Dr Reddy's is the first to introduce a Drugs Controller General of India (DCGI)-approved version in India under the brand name Obeda, establishing an early-mover advantage in the domestic GLP-1 market.
The company’s premium pricing at ₹4,200 per month versus peers at ₹1,300 reflects its dosage form, with a prefilled disposable pen format as compared to vial-based alternatives, which could support greater physician preference and patient stickiness. The brokerage firm in the company update note said that they view this launch as positioning the company strategically within the emerging GLP-1 opportunity, with a differentiated focus on quality, delivery format and brand trust rather than price-led competition.
“Overall, in the medium term, we expect a shift towards a more consolidated, quality-led market, with Dr Reddy's well-placed to benefit given its early entry and manufacturing strengths,” the brokerage firm said.
Meanwhile, Indian Pharma Market (IPM) posted monthly growth of 10.7 per cent in March 2026, moderating from 12.5 per cent in February 2026 partly due to a firmer base of 9.5 per cent in March 2026, yet sustaining four consecutive months of double-digit expansion.
Chronic therapies sustained their outperformance, with share continuing its steady ascent above 40 per cent, while acute growth held up reasonably, aided by ongoing base normalization. March data reinforces the chronic anchor in IPM, with cardiac delivering 14.9 per cent monthly growth and retaining its position as the largest therapy at 13.9 per cent share, according to analysts at Equirus Securities.
March 2026 growth was characterised by notable individual company divergence. Dr. Reddy's delivered a standout 18.2 per cent monthly print while Lupin (14.6 per cent) extended its strong run, with volume driven gains. Sun Pharma and Torrent maintained above-IPM performance, reflecting the sustained depth of their chronic franchises. Mankind staged a meaningful recovery, the brokerage firm said in sector report.
Meanwhile, analysts at BNP Paribas India expect India formulations revenue to clock double-digit growth during the quarter for its entire coverage (excluding Zydus Life). However, the brokerage firm expects US revenue to remain under pressure due to loss of revenue from key products like Revlimid and Lanreotide, which would ultimately trickle down to EBITDA margin. ====================================== Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.