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BUZZ-Indian pharma stocks jump as US tariffs exempts sector

Reuters
Apr 03
BUZZ-Indian pharma stocks jump as US tariffs exempts sector

** India's Nifty pharma index .NIPHARM jumps 4.4% after U.S. President Donald Trump exempted the sector from reciprocal tariffs for now

** Index constituents Dr. Reddy's REDY.NS, Cipla CIPL.NS, Sun Pharma SUN.NS, Gland Pharma GLAD.NS jump 6.1%, 4.1%, 4.1% and 11.7%, respectively

** Trump imposed 26% reciprocal tariffs on Indian imports as part of his wider plan to levy a 10% baseline tariff on all imports from April 5, but the duties do not apply to certain goods, including pharmaceuticals

** U.S. imports nearly a third of Indian pharma products sold overseas

** 19 of the 20 index constituents trading higher on the day, benchmark Nifty 50 .NSEI trading 0.45% lower

(Reporting by Manvi Pant in Bengaluru)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

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