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So what happened in the pharma space today, that fired up Glenmark into a dizzying rally? Shares of Glenmark touched the skies, rallying to its best day ever.

The market has lapped up the approval by Drug Controller General of India or DCGI - to make and sell Favipiravir, on a restricted basis. The drug - being marketed as FabiFlu - is being used in the treatment of Covid infections. The medicine is priced at about Rs 103 per tablet and is the first oral Favipiravir-approved drug in India. That's not all. The war on Covid got even more armour today. News reports suggest Hetero Pharma and Cipla have got approvals to supply the generic version of Gilead's Remdesivir to hospitals, as early as this week. This, many say could mean the expenditure for Covid drug could get split up, since the drugs will be supplied to hospitals, first. Hetero is looking to price the drug between Rs 5,000-6,000 per vial, and it will be marketed under the brand name 'Covifor' in India.

The entire pharma pack is running ahead, in anticipation of greater business potential as these drugs get released into wider markets, over the months. But it remains to be seen what kind of competitions to these medicines are in the pipeline. Glenmark's drug FabiFlu is being marketed as a flu drug, for mild to moderate cases of Covid. Experts debate than even other medicines could be in a position to cure such cases.

Street may be ignoring the fact that Glenmark may not have exclusivity to the medicine. Speaking to ET NOW, Prabhudas Lilladher's Surajit Pal too said, the run-up seems unjustified. He said as earnings may not be able to justify these stock valuations.

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The war on Covid gets fresh ammo - And pharma stocks are rejoicing - Times Now