Aurobindo Pharma soars to 52-week high on setting up subsidiary in Russia

Aurobindo Pharma will also pour in investments worth $100 million in the new subsidiary.

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Shares of Aurobindo Pharma surged 5 percent in early trade and hit a 52-week high of Rs 831.60 on July 27 after the company announced setting up a wholly-owned subsidiary, Auro Pharma LLC in Russia.

The newly set-up subsidiary will be used to carry out Aurobindo’s pharma business in the Russian market. Aurobindo Pharma will invest $100 million in the new subsidiary.

The Russian pharmaceutical market is also showing signs of recovery in recent quarters after witnessing a slump during most of 2022 on the back of inventory destocking due to the onset of the Russia-Ukraine conflict.

At 10.02 am, shares of Aurobindo Pharma were trading at Rs 823.30, with a gain of 4.3 percent on the National Stock Exchange.

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Sentiment has also remained robust for Aurobindo Pharma as expectations of recovery in the US generics market on account of easing price erosion, and drug shortages are anticipated to lift the drug makers’ earnings.

Aurobindo Pharma is the largest Indian player in US generics, which makes it a beneficiary of the improving trend of the US market.

It is on the back of these bullish expectations that the stock has surged over 89 percent in the year so far. Going ahead, analysts and investors will remain focused on the company’s quarterly earnings to see if the drugmaker delivers on the Street’s expectations. The drug maker is yet to announce the release date for its April-June earnings.

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