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Stocks of pharmaceutical companies are seen rangebound in the coming week with a positive bias. The positive bias in the counters would mainly be because of defensive bets in the market. The National Pharmaceuticals Pricing Policy 2012 tabled in both Houses of Parliament yesterday is unlikely to have a major impact on performance of stocks of drug companies, as most of the impact has already been factored in. However, said the overhang remains, which would prevent any sharp rise in stocks of Indian subsidiaries of overseas drug companies, and such as Cadila Healthcare and Cipla Ltd. On the good valuation being received by Indian drug companies, Claris Lifesciences Ltd's announcement of entering a joint venture with Japanese companies at very high prices for its business was proof that multinational companies are still interested in Indian companies. Claris Lifesciences yesterday said it has entered into a definitive agreement to form a joint venture for its intravenous solutions business in India and emerging markets by selling 80% stake to two Japanese companies. Japanese companies Otsuka Pharmaceutical Factory Inc and Mitsui & Co Ltd will invest 10.5 bln rupees in the joint venture for 80% stake, Claris informed BSE yesterday.
Stocks of Ranbaxy Laboratories look positive for the coming week. The stock is hovering around its crucial support of 490 rupees, and expects stocks to face resistance at 540 rupees. Stocks of Sun Pharmaceuticals are seen consolidating, and trading in a narrow range next week. He, however, gave a very positive outlook for the stock. Pfizer Ltd looks weak for the coming week. The stock is seen trading between 1,100 rupees and 1,170 rupees. GlaxoSmithKline Pharmaceuticals Ltd, too, looks weak, and is seen trading in a very tight range. The stock is seen trading between 1,999 rupees and 2,080 rupees.
