Pharma in a bullish market trade at the National Stock Exchange rose to a 5-year-high of Rs 12,636.90 on Monday. The market opened on a good note for pharma as its price rallied almost doubled at Rs 12,636.90 as against Rs 6242.85 during the year-ago period. It recorded an intraday high of Rs 12, 636.90 whereas an intraday low of Rs 12,314.80. The market had opened at Rs 12,376.45.
Pharma trades during the September quarter of the fiscal year have been very impressive, all thanks to the rampant increase in the demand for medical products as the COVID-19 pandemic hit the globe. There has been a drastic increase in the demand and supply of PPE kits, masks, oxygen cylinders and other equipment.
The recent development in the COVID-19 vaccine candidates being developed by Serum Institute of India and its application for the authorisation of emergency use in India has given a strong push to the pharma industry’s trade. The other vaccine contenders being developed across India are also proving crucial in raising the market trend.
According to the US-based Duke University Global Health Innovation Center, India has purchased 500 million doses of the Oxford University-AstraZeneca vaccine candidate, one billion from the US company Novavax and 100 million doses of the Sputnik V candidate from Russia’s Gamaleya Research Institute. India has ordered a sum total of 1.6 billion vaccines for its people.
With expected further developments in the pharma fields, the market is expected to perform well in the coming months.
