The Hindu Business Line : Healthy bout for pharma cos

IT has been a comeback for pharma stocks. Both front line and mid cap pharmaceutical stocks had a heady run over the week propelled by company specific news. For instance, Morepan Labs appreciated 60 per cent on the back of rising demand for its drug Loratadine. Among the frontline stocks, Ranbaxy was a star performer registering a 25 per cent gain after it got approval from US FDA for multiple drugs. Dr Reddy and Cipla too gained over 10 per cent.

Shasun Chemicals and IPCA were strong gainers among mid-cap pharma stocks followed by others such as Orchid Chemicals, German Remedies, Arvind Remedies, Aventis Pharma, Divi's Labs, Bal Pharma and Morepan Laboratories.

IT stocks too resurfaced on the gainers list. Wipro, Infosys, Satyam, Mastek, NIIT, Polaris Software, Crane Software, I-Flex Solutions, Geometric Software and Digital GlobalSoft were the few beneficiaries. But except Digital Global, others lost some steam and closed lower on Friday.

Refinery stocks experienced another bull run during the week. HPCL, a divestment candidate, gained steam towards the end of the week after the commencement of due diligence by the bidders. Other PSU oil sector stocks such BPCL, GAIL and ONGC were also upbeat. Others such as Kochi Refineries, Chennai Petroleum, MRPL, Bongaigaon Refineries and IPCL witnessed a sharp spurt piggybacking the rally.

Ingersoll Rand, Thermax, ABB and Crompton Greaves shot up sharply in tha last few trading sessions.

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