Anthem Biosciences, Biocon stock jumps as Budget proposes Rs 10K cr investment in biopharma

Shares of companies related to pharmaceuticals sector jumped on Sunday after Finance Minister Nirmala Sitharaman proposed Rs 10,000 crore investment in the biopharma sector over the next five years, a move which would give a boost to the country's pharmaceuticals industry. The stock of Anthem Biosciences surged 6.49 per cent, Biocon climbed 2.93 per cent, Syngene International went up by 2.78 per cent, Panacea Biotec advanced 2.56 per cent, Natco Pharma (1.63 per cent), Concord Biotech (1.54 per cent), Dr Reddys Lab (1.37 per cent) and Gland Pharma (1.10 per cent) on the BSE. In the equity market, the 30-share BSE Sensex traded 281.75 points higher at 82,532.68. The 50-share NSE Nifty edged higher by 61.10 points to 25,376.05. Biopharmaceuticals, or biologics, are complex medicines manufactured from living organisms, cells, or tissues rather than through chemical synthesis. She also proposed interventions in six areas, including manufacturing, strategic and frontier sectors, healthcare and advanced technology.