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Nifty Pharma index soars 3%; Dr Reddy's, Piramal Pharma rally up to 9%

Nifty Pharma index soars 3%; Dr Reddy's, Piramal Pharma rally up to 9%

by | Apr 23, 2026 | Share Market



Nifty Pharma index movement

 


Shares of pharmaceutical companies were in demand with the Nifty Pharma index gaining 3 per cent to 23,164.10 in Thursday’s intra-day trade in an otherwise weak market.

 


Piramal Pharma and Dr Reddy’s Laboratories rallied 9 per cent and 8 per cent, respectively on the National Stock Exchange (NSE) in intra-day deals. 

 


Glenmark Pharmaceuticals, Cipla, Wockhardt, Mankind Pharma, Lupin, Zydus Lifesciences, Laurus Labs, Ipca Labs, Divis Laboratories, Strides Pharma Science and Onesource Specialty Pharma were up in the range of 3 per cent to 6 per cent in intra-day trade.

 


At 10:53 AM on Thursday, the Nifty Pharma index was up 2.2 per cent, as compared to 0.71 per cent decline in the Nifty 50. The pharma index had hit a 52-week high of 23,540.90 on March 11, 2026.

 
 


Brokerages view on pharma stocks, sector

 


Shares of Piramal Pharma rallied 9 per cent to ₹168.50 on the NSE in intra-day trade. The stock was the top gainer among Nifty Pharma index.

 


JM Financial Institutional Securities maintains a ‘BUY’ rating on Piramal Pharma with a target price of ₹211.

 


Piramal Pharma has secured a new commercial contract for its overseas unit that, although small, adds to its expanding commercial portfolio and is likely to support profitability improvement at international subsidiaries. Botanix Pharmaceuticals has announced that it has on boarded Piramal Pharma as a secondary API supplier for Sofdra (sofpironium bromide), with manufacturing to be carried out at Piramal’s Riverview facility and scale-up expected fromFY28; the brokerage firm estimates peak revenue potential of $15mn–20mn from this opportunity.

 


Shares of Dr Reddy’s Labs soared 8 per cent to ₹1,313 in intra-day trade. The stock now trades close to Choice Institutional Equities’ target price of ₹1,315. It had hit a 52-week high of ₹1,377.95 June 12, 2025.

 


Dr Reddy’s is the first to introduce a Drugs Controller General of India (DCGI)-approved version in India under the brand name Obeda, establishing an early-mover advantage in the domestic GLP-1 market.

 


The company’s premium pricing at ₹4,200 per month versus peers at ₹1,300 reflects its dosage form, with a prefilled disposable pen format as compared to vial-based alternatives, which could support greater physician preference and patient stickiness. The brokerage firm in the company update note said that they view this launch as positioning the company strategically within the emerging GLP-1 opportunity, with a differentiated focus on quality, delivery format and brand trust rather than price-led competition.

 


“Overall, in the medium term, we expect a shift towards a more consolidated, quality-led market, with Dr Reddy’s well-placed to benefit given its early entry and manufacturing strengths,” the brokerage firm said.

 


Meanwhile, Indian Pharma Market (IPM) posted monthly growth of 10.7 per cent in March 2026, moderating from 12.5 per cent in February 2026 partly due to a firmer base of 9.5 per cent in March 2026, yet sustaining four consecutive months of double-digit expansion.

 


Chronic therapies sustained their outperformance, with share continuing its steady ascent above 40 per cent, while acute growth held up reasonably, aided by ongoing base normalization. March data reinforces the chronic anchor in IPM, with cardiac delivering 14.9 per cent monthly growth and retaining its position as the largest therapy at 13.9 per cent share, according to analysts at Equirus Securities.

 


March 2026 growth was characterised by notable individual company divergence. Dr. Reddy’s delivered a standout 18.2 per cent monthly print while Lupin (14.6 per cent) extended its strong run, with volume driven gains. Sun Pharma and Torrent maintained above-IPM performance, reflecting the sustained depth of their chronic franchises. Mankind staged a meaningful recovery, the brokerage firm said in sector report.

 


Meanwhile, analysts at BNP Paribas India expect India formulations revenue to clock double-digit growth during the quarter for its entire coverage (excluding Zydus Life). However, the brokerage firm expects US revenue to remain under pressure due to loss of revenue from key products like Revlimid and Lanreotide, which would ultimately trickle down to EBITDA margin.  ======================================  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised. 

 



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Outcome of board meeting of Coforge

Outcome of board meeting of Coforge

by | Apr 23, 2026 | Share Market


Last Updated : Apr 23 2026 | 10:31 AM IST

Held on 23 April 2026

The board of Coforge at its meeting held on 23 April 2026 has approved the following :

The second amendment agreement to the share subscription and share purchase agreement between Coforge, Encora US Holdco, Inc. and Encora Holdings (collectively, the target companies), Encora Holdco and AI Altius Parent (Cayman) (collectively, the investors).

The second amendment agreement records the revised terms in relation to inter alia clarification of the timing and manner of funding the target companies by the company (or its group companies).

Further, the board approved availing of a loan facility of up to USD 550 million to be secured by charge over certain assets of the company.

 

The board also approved the allotment of 9,37,96,508 fully paid up equity shares of face value of Rs 2 each to Encora Holdco and AI Altius Parent (Cayman) at a price of Rs 1,815.91 per share for an aggregate value of Rs 17,032.60 crore. With this allotment, the company has completed the acquisition of Encora US Holdco, Inc. and Encora Holdings.

The board also approved the infusion of funds into Encora US Holdco, Inc.(subscription amount of USD 280 million) and Encora Holdings (subscription amount of USD 270 million) aggregating to Rs 550 million.

The board approved the appointment of Shweta Jalan (DIN: 00291675) and Atin Hirachand Jain (DIN: 08948630) as Additional Directors (Non-Executive Directors) on the board of the company with effect from 23 April 2026.

Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Apr 23 2026 | 10:31 AM IST



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Tech Mahindra's Q4 misses Street estimates; stock down over 3% in two days

Tech Mahindra's Q4 misses Street estimates; stock down over 3% in two days

by | Apr 23, 2026 | Share Market



Tech Mahindra shares slipped 1.4 per cent in trade on BSE, logging an intra-day low at ₹1,441.25 per share. However, at 9:22 AM, Tech Mahindra’s share price recovered slightly and was trading 0.99 per cent lower at ₹1,448.30 per share. In comparison, the BSE Sensex was down 0.79 per cent at 77,896.66. The stock was under pressure for the second session, down over 3 per cent, after the company released its Q4FY26 results in market hours on Wednesday. 

 


In Q4, the company recorded a net profit of ₹1,353.8 crore, up 16 per cent from ₹1,166.7 crore a year ago. On a sequential basis, profit was up 20.6 per cent.

 
 


Its revenue for the quarter was up 12.6 per cent year-on-year (Y-o-Y) at ₹15,076 crore. Sequentially, the revenue grew 4.74 per cent.

 

Tech Mahindra’s performance missed Bloomberg estimates on net profit but beat estimates on revenue. Bloomberg had estimated revenue at ₹14,776 crore and net profit at ₹1,509.4 crore. Check detailed results here 


Brokerages’ view on Tech Mahindra


Emkay Global Financial Services | Reduce | Target: ₹1,450


Analysts noted that Tech Mahindra posted an in-line operating performance in Q4. Deal intake remained strong, with total contract value (TCV) of $1.07 billion in Q4 (second consecutive quarter of >USD1bn TCV). While the macro remains uncertain, the company believes it has sufficient stabilisers and resilience to continue with growth acceleration in FY27. 

 


The management reiterated confidence in outperforming the peer-average growth by FY27 and progressing toward 15 per cent Earnings before interest and tax (Ebit) margin, supported by broad-based growth, strong deal intake, healthy deal pipeline, improved account mining, sustained investments in artificial intelligence (AI), consulting, high-growth service lines, and strengthening partnerships and alliances ecosystem. It expects margin expansion in FY27 to be driven by a combination of continued cost takeout and operating leverage as revenue growth accelerates. The brokerage cut FY26/FY27E earnings per share (EPS) by 1.7/1.5 per cent, factoring in the Q4 performance. 


Motilal Oswal Financial Services | Buy | Target: ₹1,750


The brokerage kept its estimates unchanged, reflecting steady directional progress. It estimates FY27 Ebit margins at 14.8 per cent, which would result in a 25 per cent CAGR in INR PAT over FY26-28. Early signs of a turnaround in the Communications vertical, supported by a large European deal, improve confidence in the medium-term growth outlook. 

 


The ongoing restructuring under the new leadership is tracking well, and this quarter was another step in the right direction. Motilal Oswal continues to like Tech Mahindra’s bottom-up turnaround story. It values the stock at 20x FY28E EPS.


JM Financial Institutional Securities | Add | Target raised to ₹1,555 from ₹1,550


Tech Mahindra reported Q4FY26 results – revenues and margins were largely in line, according to JM Financial. Analysts see Tech Mahindra’s margins recovery – already factored in the valuations. Valuations are at 19x FY27 consensus EPS, at 7 per cent premium to the sector. The brokerage revised its EPS estimates marginally over FY27-28E, incorporating Q4 results. 

 


Disclaimer: Views and outlook shared belong to the respective brokerages and analysts and are not endorsed by Business Standard. Readers are advised to exercise discretion.



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Asian shares track Wall Street to record highs but higher oil prices a risk

Asian shares track Wall Street to record highs but higher oil prices a risk

by | Apr 23, 2026 | Share Market



Asian shares tracked Wall Street higher on Thursday, led by record highs in Japan, South Korea and Taiwan, as investors ​shrugged off higher oil prices from more shipping woes in the Gulf and ​focused on strong corporate earnings.


Overnight, the S&P 500 climbed 1 per cent and the Nasdaq jumped 1.6 per cent to ‌close at new record highs, helped by a strong start to earnings season that has eased concerns about the health of the US consumer despite rising energy prices from the Iran war.


That was despite oil prices gaining for a fourth straight day. Iran on Wednesday captured two container ships seeking to exit the Gulf via the Strait of Hormuz, tightening its grip on the crucial waterway, as a fragile ceasefire hangs in the balance for now.

 


Brent crude futures rose 0.5 per cent to $102.45 a barrel, having jumped 3.5 per cent overnight to cross back above $100.


MSCI’s broadest index of Asia-Pacific shares outside Japan rallied 1 per cent to a record high as tech heavyweights surged in the region. Markets in Japan, South Korea and Taiwan vaulted to records for ‌a second day, with the Nikkei topping the 60,000 mark.


China’s blue chips rose 0.3 per cent and Hong Kong’s Hang Seng index slipped 0.3 per cent


“Markets have been remarkably effective at looking through risks – and may continue to be. But the list of risks is growing as resolutions remain elusive,” said Laura Cooper, global investment strategist at asset manager Nuveen.


“The dissonance cannot hold indefinitely … At some point, the weight of what is being ignored could become the only one that matters.”


Wall Street futures slipped in Asia after the earnings-driven rally, with the Nasdaq futures off 0.2 per cent ​and S&P 500 futures down 0.3 per cent.


Shares of GE Vernova surged 13.75 per cent after the power equipment maker raised its annual ‌revenue forecast on the AI boom, and Boeing advanced over 5 per cent after a smaller-than-expected quarterly loss.


Electric automaker Tesla reported a surprise positive free cash flow in the first quarter, but its projection of sharply ​higher spending plans ‌on AI and robotics drew scepticism from investors, with its shares last down 2 per cent after the bell.


Treasuries were also ‌mostly steady despite the jump in oil prices.


The two-year US Treasury yield held at 3.8064 per cent, after edging up 1 basis point (bp) on Wednesday. The 10-year yield inched 1 bp higher at 4.3094 per cent, after finishing little ‌changed overnight.


Currencies ​were mostly calm, ​with the dollar holding onto small gains from overnight. The euro was steady at $1.1709, just above a 10-day low of $1.1691, having lost 0.3 per cent overnight.


“It is questionable whether financial markets are correctly pricing ‌the reality that supply ​constraints will remain an issue for some time,” said Skye Masters, head of markets research at the National Australia Bank.


 



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Rupee slips to 93.80 vs dollar amid oil surge, Asian currency fall

Rupee slips to 93.80 vs dollar amid oil surge, Asian currency fall

by | Apr 22, 2026 | Share Market



Rupee depreciated on Wednesday, tracking the fall in Asian currencies and rising crude oil prices amid uncertainties around the West Asia crisis, dealers said.

 


The local currency settled at 93.80 per dollar against the previous close of 93.50 per dollar. The Reserve Bank of India (RBI) likely stepped in via dollar sales to curb excess volatility, dealers said.

 


“The Indian rupee continued its three-day slide as crude oil prices held firm following President Trump’s extension of the US–Iran ceasefire. This geopolitical tension, alongside the RBI’s move to ease part of currency restrictions and a general ‘risk-off’ sentiment, has kept the rupee under pressure. Technically, spot rupee has resistance at 94.15 and support at 93.40,” said Dilip Parmar, research analyst, HDFC Securities.

 
 


Market participants said sustained selling pressure in domestic equities, along with ongoing foreign capital outflows, further dragged down the rupee.

 


“Rupee was in line with Asian currencies given the selling from foreign investors amid the war,” said a dealer at a state-owned bank. “We will see the rupee slide more amid uncertainties. The RBI was present with PSU banks,” he added.

 


The rupee has been under pressure this week as traders expected a revival in oil-related dollar demand over the past four days. The domestic unit has depreciated by nearly one rupee since last Friday, when it settled at 92.93 per dollar. Despite multiple measures taken by the central bank, the local currency has continued to depreciate steadily since strengthening to 92.50 per dollar earlier this month.

 


“SBI was reportedly seen buying dollars on behalf of oil companies, taking the rupee lower. RBI seems to be present at 93.87 to supply these dollars,” said Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors LLP. “There was also a possibility of a petrochemical company buying dollars to fund its Russian oil supply,” he added.

 


The rupee has depreciated by 4.18 per cent during the current calendar year so far. However, the local currency has appreciated by 1.08 per cent in April so far.



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