Pharma shares today gained on foreign buying and management commentary.
Lupin gained 3.5 per cent, Glenmark Pharmaceuticals was up 2.3 per cent, while Cipla surged 5 per cent.
Foreign buying, robust management commentary in post results conference call were cited as reason by analysts.
The Reserve Bank of India has said that foreign investors can invest up to 49 per cent in Lupin.
Cipla’s results were below estimates but the management commentary on Teva JV and Jay Precision acquisition provided comfort, analysts said.
Cipla Q3 profit was up 15.5 per cent.
Glenmark's results adjusted for rouble’s impact were decent, an analyst with a foreign broker said.
Glenmark Q3 profit was down 48 per cent.