Nifty Pharma hits all-time high; 10 stocks including Lupin, Cipla, Glenmark Pharma, Divi's Labs touch one-year peaks

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Also Read: Indian stock market has upside potential despite fair valuations: Motilal Oswal In today's trade, Lupin's shares soared nearly 7%, hitting a new all-time high of ₹1,404 apiece after Japanese brokerage firm Nomura raised the target price on the stock to ₹1,593 apiece from the previous ₹1,290, maintaining its 'buy' recommendation. The brokerage has an optimistic outlook on Lupin, largely driven by the company's robust US pipeline and growth in the India business.

It expects the product launch in the United States and expansion in India, emerging markets (EMs), and Europe to drive margin improvement. Similarly, Cipla's shares touched a new 52-week high of ₹1,285 apiece, breaking a two-day losing streak.

Other stocks such as Glenmark Pharmaceuticals, Aurobindo Pharma, Divi's Laboratories, Sun Pharmaceutical Industries, Granules India, GlaxoSmithKline Pharmaceuticals, Laurus Labs, and Zydus Lifesciences have all achieved new one-year highs in today's trading session. On the other hand, shares of Alembic Pharmaceuticals bounced back in today's trade by gaining 7.4% to ₹820.8 apiece, ending four straight days of weak performance.

This came after the company said it received USFDA approval for eight drugs during the December quarter. Also Read: Pharma Outlook 2024: How are Cipla, Sun Pharma, Dr Reddy's and others likely to perform this year? "Many domestic-focused pharma companies are expected to generate mid-teen growth in CY24 amid a focus on new product launches, a pickup in volume growth, and improved demand for generics and branded products.