Lupin Ltd. shares jumped 6% after the U.S. administration confirmed that pharmaceutical products would be exempt from the newly imposed 26% reciprocal tariff on Indian goods. The exemption alleviates concerns over potential revenue impacts for the Indian drugmaker.
On April 3, U.S. President Donald Trump announced steep reciprocal tariffs on key trading partners, citing trade imbalances. India was among the affected countries, but the White House later clarified that the tariffs would not apply to pharmaceuticals, copper, semiconductors, and lumber. This relief helped drive buying interest in pharma stocks, particularly Lupin.
In the meantime, Nomura estimates Lupin’s U.S. dollar revenue at $1.1 billion in FY26 and $0.96 billion in FY27. The company also has manufacturing facilities in the U.S., contributing around $70-80 million to annual revenue. Nomura believes these U.S.-manufactured products will account for 6-7% of the company’s total revenue in FY26/FY27.
Lupin’s shares opened at ₹2,100.00, reaching a high of ₹2,144.85 and a low of ₹2,070.05 during the session. The stock remains below its 52-week high of ₹2,402.90 but significantly above its 52-week low of ₹1,493.30.
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