The 47th president of the United States, Donald Trump, unveiled and thereby unleashed his set of reciprocal tariffs on his trading partners, allies and rivals alike.
The Pharma Rise
This tariffs regime also hit the Indian coast. Trump has said that his administration will impose a 26 per cent tariff in retaliation to what the US called India's tariff on the US, which amounted to 52 per cent.
While the Indian stock markets have been majorly hit by these developments, one particular corner of the equity market is booming on Thursday.
It is the pharmaceutical industry. The Nifty Pharma index jumped by a major 560.15 points or 2.67 per cent, taking the overall value of the index to 21,513.00.
Why Is This Happening?
While the tariffs have affected an array of sectors, as per reports, the pharma industry was spared from Trump's 26 per cent tariff due to the healthcare needs.
The US is the largest importer of pharmaceuticals from India. The trade in the sector amounts to USD 8.73 billion during the last fiscal year.
While the tariffs have affected an array of sectors, as per reports, the pharma industry was spared from Trump's 26 per cent tariff due to the healthcare needs. |
In addition, 31.5 per cent of India’s pharmaceutical exports went to America, therefore marking a huge significance.
Sun Pharmaceutical Industries Ltd
When we look at the top gainers in the sector, medicine major Sun Pharma soared by 4.45 per cent or Rs 76.30.
This took the overall value of the Sun Pharma shares to Rs 1,789.95 per piece.
Lupin Ltd
Mumbai-based Lupin was not far behind, as the company shares also jumped to Rs 2,096.80.
This was a result of a cumulative rise of 4.33 per cent or Rs 87.10 per share.
Cipla Ltd
Another major Mumbai-based pharma company, Cipla Ltd also saw its fortunes rise in the intraday trade.
The company shares 3.44 per cent or Rs 49.90, taking the overall value of the Cipla shares to Rs 1,502.25
