Pharma stocks rally 14 pc on US tariff exemption Gland Aurobindo Pharma lead gains

New Delhi, Apr 3 (PTI) Shares of Pharmaceutical companies on Thursday jumped more than 14 per cent after the US administration exempted pharmaceuticals from reciprocal tariffs.
     In the morning trade, the scrip of Gland Pharma surged 14.32 per cent to Rs 1,755 apiece, Aurobindo Pharma rallied 9.4 per cent to Rs 1,267.95 apiece, Jubilant Pharmova increased 7.5 per cent to Rs 977.75, and Lupin rose 6.95 per cent to Rs 2,009.40 on the BSE.
     Dr Reddys Laboratories' shares appreciated by 6.7 per cent to Rs 1,169, Sun Pharmaceuticals climbed 5.7 per cent to Rs 1,812.40, Divis Laboratories rose 5.4 per cent to Rs 5,969, Cipla jumped 4.78 per cent to Rs 1,522.10, and Ipca Laboratories increased 4.73 per cent to Rs 1,482.25 on the exchange.
     The scrip of Glenmark Pharmaceuticals rose 4.6 per cent to Rs 1,585.60, and Torrent Pharmaceuticals appreciated by 3.4 per cent to Rs 3,320.
     The market is trading in the red zone. The 30-share BSE Sensex dipped 148.71 points or 0.19 per cent to 76,468.73, while NSE Nifty went lower by 48.35 points or 0.21 per cent to 23,284.
     President Donald Trump, in a historic measure to counter higher duties on American products imposed globally, on Wednesday announced reciprocal tariffs on about 60 countries, including India.
     He announced 27 per cent reciprocal tariffs on India, saying New Delhi imposes high import duties on American goods. However, pharmaceuticals and other essential items are exempted from the increased import duty.
     The US administration exempted pharmaceuticals from reciprocal tariffs, underscoring the critical role played by generic medicines globally, Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain said.
     The decision underscores the critical role of cost-effective, life-saving generic medicines in public health, economic stability, and national security, Jain added.
     India and the US share a strong and growing bilateral trade relationship, with a shared vision to double trade to USD 500 billion under the Mission 500 initiative, Jain stated.
     Pharmaceuticals remain a cornerstone of this partnership, as India plays a vital role in global and US healthcare by ensuring a steady supply of affordable medicines, he added.
     The pharmaceutical industry is committed to advancing the shared priorities of both nations, strengthening medicine supply chain resilience and reinforcing national security by ensuring access to affordable medicines for all, Jain noted.
     IPA is a network of top 23 Indian pharma companies, including Sun Pharma, Dr Reddy's Laboratories, Lupin, Torrent and Glenmark.

(This story has not been edited by THE WEEK and is auto-generated from PTI)