Pharma Stocks Gain After Centre Approves Use Of COVID Pill Molnupiravir

Pharmaceutical shares such as Cipla, Dr Reddy's Laboratories, Torrent Pharmaceuticals, Sun Pharmaceutical Industries gained around two per cent each on Wednesday, December 29, after the Drug Controller General of India (DCGI) approved the emergency use of anti-viral drug - Molnupiravir in the country. to fight against the COVID-19 pandemic.

Dr Reddy's Laboratories in a consortium with pharma majors such as Cipla, Mylan, Torrent, Emcure, and Sun Pharma had presented their proposal for approval of anti-viral drug Molnupiravir for emergency situation.

As of 12:23 pm, shares of Cipla were trading 0.95 per cent higher at Rs 942.25 apiece on the BSE. Cipla opened the BSE at Rs 939.90, swinging to an intra day high of Rs 947.95 and an intra day low of Rs 935.85 in the trading session so far.

Shares of Dr Reddy's Laboratories were last trading 1.65 per cent higher at Rs 4,821.65 apiece on the BSE. Dr Reddy's Laboratories swung to an intra day high of Rs 4,831.15 and an intra day low of Rs 4,750, in the session so far.

On the NSE, Shares of Torrent Pharma were trading 0.72 per cent higher at Rs 3,165.05 apiece, while Sun Pharma was trading 1.53 per cent higher at Rs 827.60 apiece - touching an intra day high of Rs 831, so far.

Molnupiravir is the first oral antiviral cleared by the UK Medicines and Healthcare products Regulatory Agency (MHRA) for the treatment of mild-to-moderate COVID-19 at high risk of developing severe disease.

The government had also approved the use of two more vaccines - Corbevax and Covovax yesterday to boost the fight against the pandemic. Corbevax is India's first homegrown "RBD protein sub-unit vaccine" and is made by the Hyderabad-based firm Biological-E. The nanoparticle vaccine, Covovax, will be manufactured by the Pune-based Serum Institute of India.