Pharma Stocks Rise As Dr Reddy’s Jumps On Semaglutide Approval Hopes

Pharma shares moved higher on Thursday, 23 April 2026. This, even as the broader market stayed under pressure, with Dr Reddy’s Laboratories leading the gains. The stock climbed 9.4%, its sharpest rise in a single session since September 2017.

The rally followed expectations that the company may receive approval for Semaglutide in Canada. The drug is widely used in diabetes treatment.

In early trade on Friday, 24 April 2026, the momentum, however, eased. At 11:09 am, Dr Reddy’s Laboratories shares were trading at ₹1,316.50 on the National Stock Exchange (NSE), down a little over 1%.

Broader Pharma Pack Gains

Gains were not limited to a single stock. Other large pharma companies also moved higher during the session.

Piramal Pharma rose 6.5%, while Cipla advanced 5.6% on Thursday. The buying was visible across the sector, indicating a broader sentiment shift rather than isolated stock action. At 11:11 am, Piramal Pharma and Cipla shares were trading at ₹164.73 and ₹1,286.40 a piece on the NSE.

Index Outperforms Benchmark

The Nifty Pharma Index ended 2.4% higher on Thursday, clearly outperforming the benchmark Nifty 50, which declined 0.8% on the same day. Market breadth within the pharma index remained positive. Out of 20 stocks, 16 closed with gains. Only four ended lower.

The contrast in performance highlighted how sector-specific triggers drove movement even as the broader market remained under pressure. Also, yesterday, stocks linked to the Semaglutide value chain also saw sharp moves, with Onesource Specialty Pharma and Shaily Engineering Plastics climbing 10.8% and 14.1%, respectively.

At 11:16 am, Onesource Specialty Pharma and Shaily Engineering Plastics shares were up 1.53% and 1.93%, respectively, on NSE.

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Focus On Semaglutide Drives Sentiment

Semaglutide has emerged as an important drug in the global diabetes treatment market. Developments related to approvals or supply tend to influence multiple companies tied to its ecosystem.

Talk of a possible nod from Canadian regulators seemed to lift the mood in the pharma pack. Investors picked up shares across large drugmakers as well as companies linked to the supply chain.

Sources:

The Economic Times

The Hindu Business Line