India's pharma stocks gain after RBI announces support for healthcare sector

Shalby

05/05/2021 09:26

** India's Nifty Pharma Index  .NIPHARM  gains as much as
4.2% to 13,785.90, its highest level since April 9, 2015
    ** Reserve Bank of India (RBI) announces special on-tap
liquidity window of up to 500 bln rupees ($6.76 bln) for banks
to lend to healthcare sector with tenors up to 3 years
 urn:newsml:reuters.com:*:nL1N2MS07S
    ** "Under the scheme, banks can provide fresh lending
support to a wide range of entities including vaccine
manufactures...hospitals/dispensaries...importers of vaccines
and COVID related drugs" - RBI Governor Shaktikanta Das  
    ** "The three year facility...is a good measure to
immediately help ramp up medical and healthcare facilities. The
benefits of this will help enhance capacity for the longer term
as it covers diagnostic, preventive as well as combative aspects
of healthcare" - Joseph Thomas, head of research, Emkay Wealth
Management
    ** All components of Nifty Pharma Index gain between 1.6%
and 12.2%, with Lupin Ltd  LUPN.NS  the top pct gainer on index 
   
    ** Shares of hospital operators Apollo Hospitals Enterprise
Ltd  APLH.NS  and Shalby Ltd  SHAY.NS  gain as much as 4.1% and
4.8%, respectively 
    ** Up to Tuesday's close, Nifty Pharma Index had gained 2.5%
YTD vs a 3.7% gain in the NSE Nifty 50 index  .NSEI     



($1 = 73.9500 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))