Many major pharma stocks, seen as safe bets in the worst of times, have seen their market caps slip in the past year. Is pharma losing its sheen on the bourses?
JUST PAST 10 AM ON SEPTEMBER 20, 2016, Cadila Healthcare had informed the stock exchanges that it had entered into a partnership with Takeda Pharmaceuticals of Japan to develop a Chikungunya vaccine. The stock price immediately shot up by 6 percent, taking its market capitalisation to â¹40,238.20 crore. But in just 10 days, it slipped to â¹39,721.20 crore – lower than the â¹43,010.50 crore clocked on October 1, 2015. (However, in the BT 500, which ranks companies based on a year’s average market cap, Cadila’s valuation rose 5 percent.)
But Cadila is not alone. Many large pharma companies saw their market caps slip over the past one year, raising doubts of whether the famed defensive sector on the bourses, had lost its sheen. In the BT500, Sun Pharma, the biggest player from India, saw its market cap slide by 3.8 percent from â¹201,259 crore to â¹193.570 crore during the period. Dr. Reddy’s was down 9 percent from â¹60,104 crore to â¹54,579 crore. The market cap of Cipla, which earns nearly half of its revenue from the domestic market unlike many others with more export revenues, too, declined 13.6 percent from â¹52,696 crore to â¹45,533 crore. Glenmark, arguably the only Indian company that has held on to its new drug research for close to 15 years, remained stagnant at around â¹24,100 crore; Lupin, too, did not flutter.
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