A notification of the revised Schedule M rules by the Ministry of Health and Family Welfare has elicited mixed responses from the pharma sector and industry observers.
While the industry has welcomed the revision of rules, several analysts said that implementation and compliance can become a challenge for smaller pharmaceutical companies.
The Schedule M of the Drugs and Cosmetics Rules specifies the good manufacturing practices (GMPs), which aim to ensure quality of drugs made in the country.
Glenmark Pharma hit the highest level since 2017. The stock has formed long bullish candlestick pattern on the daily timeframe with strong volumes, and traded above all key moving averages.
Experts expect the Nifty 50 to focus on 21,800-22,000 levels in coming weeks after ongoing consolidation, while taking support at 21,700-21,500 levels and advising buy on dips strategy
Options data indicated the 21,900-22,000 zone is expected to be a key resistance area for the Nifty50 going forward with support at the 21,700-21,500 zone