Pharma Stocks Outlook: Weak in line with broad market next week
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N.Sukumar
May 10, 2008, 2:12:05 AM5/10/08
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MUMBAI - Shares of pharmaceutical companies are seen down in line with
the broad market next week, dealers said.
Even defensive bets like Cipla and Sun Pharma are seen down with
support at 200 rupees and 1,330 rupees, respectively, said Nitin
Kunte, technicaladvisor at Angel Broking.
Dr Reddy's is seen weak ahead of its results on May 20 with support
at
620 rupees and another support at 600 rupees.
Shares of drug companies were down this week in line with the broad
market and the trend is seen continuing next week too, dealers said.
Ranbaxy Laboratories is seen up with resistance at 475-480 rupees
andsupport at 460 rupees.
Ranbaxy shares gained momentum today on a news report the company was
close to a pact with Merck on out-licensing of a research molecule
that might see revenues by way of milestone payments.
Among the mid-cap companies, Alembic could go down further if it drops
below 56 rupees.
FDC shares may see some buying after the company today indicated it
was seeking marketing alliance for an ophthalmic drug for which it
received approval from U.S. Food and Drug Administration.
FDC shares today on the U.S. FDA approval news touched an intraday
high of 31.50 rupees to close at 29.75 rupees.
Despite all the weakness, pharmaceutical shares will trail the broad
market as defensive bets, which effectively could mean some buying
shift towards these shares, dealers said.
Closing share prices today, in rupees, of leading pharmaceutical
companies, on National Stock Exchange, versus a week ago:
Company May 9 May 2 %
Change
Cadila Healthcare 305.00
290.35 5.1
Cipla 205.95 212.95
(-) 3.3
Dr Reddy's Laboratories 629.45 636.15
(-) 1.1
GlaxoSmithKline Pharmaceuticals 1,048.80 1,083.45
(-) 3.2
Pfizer 617.40 649.60
(-) 4.9
Ranbaxy Laboratories 469.90 482.00
(-) 2.5
Sun Pharmaceutical Industries 1,394.00 1,436.65
(-) 3.0
.
BSE Healthcare Index 4152.97 4289.31
(-) 3.2
Nifty 4982.60 5228.20
(-) 4.7
Sensex 16737.07 17600.12
(-) 4.9
N.Sukumar
Research Analyst
the broad market next week, dealers said.
Even defensive bets like Cipla and Sun Pharma are seen down with
support at 200 rupees and 1,330 rupees, respectively, said Nitin
Kunte, technicaladvisor at Angel Broking.
Dr Reddy's is seen weak ahead of its results on May 20 with support
at
620 rupees and another support at 600 rupees.
Shares of drug companies were down this week in line with the broad
market and the trend is seen continuing next week too, dealers said.
Ranbaxy Laboratories is seen up with resistance at 475-480 rupees
andsupport at 460 rupees.
Ranbaxy shares gained momentum today on a news report the company was
close to a pact with Merck on out-licensing of a research molecule
that might see revenues by way of milestone payments.
Among the mid-cap companies, Alembic could go down further if it drops
below 56 rupees.
FDC shares may see some buying after the company today indicated it
was seeking marketing alliance for an ophthalmic drug for which it
received approval from U.S. Food and Drug Administration.
FDC shares today on the U.S. FDA approval news touched an intraday
high of 31.50 rupees to close at 29.75 rupees.
Despite all the weakness, pharmaceutical shares will trail the broad
market as defensive bets, which effectively could mean some buying
shift towards these shares, dealers said.
Closing share prices today, in rupees, of leading pharmaceutical
companies, on National Stock Exchange, versus a week ago:
Company May 9 May 2 %
Change
Cadila Healthcare 305.00
290.35 5.1
Cipla 205.95 212.95
(-) 3.3
Dr Reddy's Laboratories 629.45 636.15
(-) 1.1
GlaxoSmithKline Pharmaceuticals 1,048.80 1,083.45
(-) 3.2
Pfizer 617.40 649.60
(-) 4.9
Ranbaxy Laboratories 469.90 482.00
(-) 2.5
Sun Pharmaceutical Industries 1,394.00 1,436.65
(-) 3.0
.
BSE Healthcare Index 4152.97 4289.31
(-) 3.2
Nifty 4982.60 5228.20
(-) 4.7
Sensex 16737.07 17600.12
(-) 4.9
N.Sukumar
Research Analyst
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