Spotlight back on pharmaceuticals, IT stocks as rupee falters
MUMBAI: Investors have turned to defensive stocks such as technology and pharmaceuticals from cyclical and financial services as geopolitical tension in Iraq and a poor monsoon loom over India, threatening to undermine Prime Minister Narendra Modi's efforts to revive economic growth and curb inflation.
The fortunes of exporters such as technology and pharmaceutical companies are directly linked to currency movements. The rupee has depreciated 2.8% in the last one month from 58.50 levels to 60.10 levels, bumping up the value of export-related stocks.
BHELBSE -2.57 %, SBI, and ICICI BankBSE -1.32 %
,Tech MahindraBSE 4.14 % has rallied 14.9%, TCSBSE 3.85 % has gained 12.6% and WiproBSE 1.90 %
Ranbaxy shares jump on approval of generic drug Diovan
MUMBAI: Shares of Ranbaxy LaboratoriesBSE 5.38 % zoomed on Friday on news that the company has received US approval and a 180-day period exclusivity to sell a generic version of Diovan, the blockbuster blood-pressure drug of Swiss drug maker NovartisBSE 0.37 %, after two years of its patent expiry.
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