Rakesh Jhunjhunwala, LIC hiked stake in this pharma company in Q2

Total holdings of mutual fund houses in the company also increased to 12.58 per cent from 11.94 per cent on a quarter-on-quarter basis, data available with BSE showed on Tuesday.

AP
Overall, analysts are positive on the pharmaceutical sector due to steady earnings visibility going ahead.
NEW DELHI: Country’s biggest institutional investors Life Insurance Corporation of India and ace equity investor Rakesh Jhunjhunwala lapped up additional shares in pharmaceutical firm Lupin during the July-September quarter.

The latest shareholding data revealed that Jhunjhunwala held 69,45,605 shares, or 1.53 per cent stake, in the company as of September 30 against 66,45,605 shares or 1.47 per cent stake owned by him in the June quarter.

On the other hand, LIC’s stake increased to 3.71 per cent from 2.70 per cent during the same period.


Shares of the company traded 2.33 per cent down at Rs 1,032 at around 2.15 pm (IST) on Wednesday, while the benchmark BSE Sensex traded 0.49 per cent lower at 40,426.

Total holdings of mutual fund houses in the company also increased to 12.58 per cent from 11.94 per cent on a quarter-on-quarter basis, data available with BSE showed on Tuesday.

On a year-to-date basis, Lupin shares have gained 38 per cent while Sensex has retreated 1.52 per cent.
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Brokerage firm Prabhudas Lilladher is positive on the stock with a target price of Rs 1,085.

“We remain upbeat of Lupin on regulatory revival theme and new launches in the US market,” the brokerage said.

In the recent update, Lupin last week said it has received approval from the US health regulator to market generic Dimethyl Fumarate delayed-release capsules used for the treatment of relapsing forms of multiple sclerosis in adults.

The company has received approval from the United States Food and Drug Administration (USFDA) to market its Dimethyl Fumarate delayed-release capsules in the strengths of 120 mg and 240 mg, Lupin said in a statement.
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Overall, analysts are positive on the pharmaceutical sector due to steady earnings visibility going ahead.

According to ICICI Prudential AMC, pharma sector may do well due to its critical nature post Covid-19. “Earnings visibility is high and the sector is also a good defensive play in times of volatility,” the mutual fund house said.
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