Indian pharma stocks tumbled after the US proposed tariffs on generic drug imports: duty-free until August 2028, then 100% rising to 200% by August 2029. Lupin fell 4.35%, leading losses across 18 of 20 Nifty Pharma constituents.
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The Nifty Pharma Index lost 340 points, or 1.31%, to 25,752 on Wednesday. Trading volume hit 315.07 lakh shares, with a total traded value of ₹3,584.98 crore for the session. The selloff followed a US proposal for phased tariffs on generic drug imports.
Lupin led the declines, closing down 4.35%. PPL Pharma fell 4.20%, Ajanta Pharma lost 3.25%, and Aurobindo Pharma dropped 2.96%. Eighteen of the index's 20 constituents ended in the red.
The proposal keeps generic medicines duty-free until August 1, 2028. A 100% tariff would follow from August 2028, rising to 200% from August 2029. India exports roughly $8-9 billion in pharmaceutical products to the US each year, mostly generics.
A four-year window exists for negotiation or restructuring before the first tariff kicks in. Indian generics supply roughly 40% of US prescriptions by volume. Higher tariffs would raise costs for patients and insurers, said traders tracking the sector.
An earlier implementation date or a jump straight to higher rates without the phased step would accelerate earnings damage. Additional non-tariff barriers, such as FDA scrutiny on Indian manufacturing facilities, could compound the pressure.
JSW Energy reported a consolidated net profit of ₹470.97 crore, down 37% from a year earlier but up 27% quarter on quarter. Revenue rose 1% year on year to ₹5,207.13 crore. EBITDA margins improved to 55.18% from 54.22% a year ago. The company signed a 25-year power purchase agreement with MSEDCL for 1,600 MW supply. Several projects are scheduled for commissioning over FY26-29.
BPCL swung to a net loss of ₹3,962.13 crore, compared with a profit of ₹6,123.93 crore a year earlier. Revenue rose 34% year on year to ₹1,51,229.26 crore. EBITDA turned negative at ₹4,077.42 crore, versus a profit of ₹9,663.11 crore last year. Under-recoveries on fuel sales and inventory losses drove the loss.
SRF Limited posted a consolidated net profit of ₹758.87 crore, up 76% year on year. Revenue rose 32% to ₹5,033.26 crore. EBITDA margins improved to 25.24% from 21.22% a year ago, helped by higher chemicals volumes.
Crisil stock climbed more than 4% on Wednesday to ₹4,496, moving above its 200-day moving average. Revenue for Q1 FY27 came in at ₹924.25 crore, up 53.23% year on year. The company's unexecuted order book stood at over ₹5,300 crore.
The West Bengal government said it will start the process of listing the West Bengal Power Development Corporation on stock exchanges. Chief Minister Suvendu Adhikari said the listing would strengthen the company financially and improve transparency.
HFCL's board approved setting up a manufacturing facility for data center connectivity products with an annual capacity of 2.7 lakh assemblies, at a capital outlay of ₹215 crore. The plant will produce Miniature Multi-Fiber and Super High-Density Multi-Fiber Termination assemblies for high-speed data centers and AI infrastructure. Commissioning is expected by September 2027.
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