Medicine makers end the week on a high note at Dalal Street

Shares of medicine makers were mostly higher in weak trade on Friday as investors sought the safety of predictable revenue and profit streams coupled with the potential of higher-than-expected sales following the depreciation in the Rupee.

The Rupee fell to a fresh 2-year low versus the Dollar as a global turmoil in currencies and stocks roiled Indian shores. A fall in the value of the Rupee helps leading pharma companies as nearly 60 percent of the revenue comes from overseas and a majority of that is from the United States.

As a result, 6 out of 11 pharma stock futures posted gains with rising open interest and four pharma companies hit fresh highs in an overall market that has slumped to 2-month lows.

Strides Arcolabs gained 1.8 percent to 1,343 rupees. Divi's Labs was up 1.4 percent to 2,435 rupees. Auro Pharma rose 1.6 percent to 810 rupees. Glenmark Pharma was up 13 percent to 1,231 rupees. Cipla rose 0.7 percent to 697.30 rupees. and Sun Pharma added 0.3 percent to 936.50 rupees.

Torrent Pharma and Sanofi India were the other stocks that rose in the drugs space.

(Image credits: Indiatimes)