Pharma Stocks Gain After DGCI Approves COVID Pill Molnupiravir
Pharmaceutical stocks such as Cipla, Dr Reddy’s Laboratories, Torrent Pharmaceuticals, Sun Pharmaceutical Industries rose nearly two per cent on Wednesday, December 29 after the Drug Controller General of India (DCGI) approved the emergency use of anti-viral drug – Molnupiravir . Country. To fight the COVID-19 pandemic.
Dr Reddy’s Laboratories along with major pharma companies like Cipla, Mylan, Torrent, Emcure and Sun Pharma submitted their proposal for approval of anti-viral drug Molnupiravir for emergency.
As of 12:23 pm, Cipla shares were trading 0.95 per cent higher at Rs 942.25 on the BSE. Cipla opened the BSE at Rs 939.90, reaching an intraday high of Rs 947.95 and an intraday low of Rs 935.85 in the trading session so far.
Shares of Dr Reddy’s Laboratories were trading 1.65 per cent higher at Rs 4,821.65 last time on the BSE. Dr Reddy’s Laboratories has hit an intraday high of Rs 4,831.15 and an intraday low of Rs 4,750 in the session so far.
On NSE, shares of Torrent Pharma were trading 0.72 per cent higher at Rs 3,165.05, while Sun Pharma was trading 1.53 per cent higher at Rs 827.60 – touching a high of Rs 831 so far.
Molanupiravir is the first oral antiviral approved 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 yesterday also approved the use of two more vaccines – Corbevax and Kovovax – to boost the fight against the pandemic. Corbevax is India’s first domestic “RBD protein sub-unit vaccine” and is manufactured by Hyderabad-based firm Biological-E. The nanoparticle vaccine, Covovax, will be manufactured by the Pune-based Serum Institute of India.