Lockdowns have a silver lining for FMCG, pharma stocks Most of the FMCG and pharma stocks have been trailing at premium valuations, not justifying a major upside. Synopsis Lockdowns have rekindled bullishness in FMCG and pharma stocks with companies expected to report exceptional sales in the short term. The ET Pharma Index has gained 5.3 per cent in the past one month with a price-to-earnings (PE) multiple of 33.4. ET INTELLIGENCE GROUP: Stocks of Cipla and Cadila Healthcare hit new highs this week. Both companies are among the leading manufacturers in India of the direly-sought Covid drug Remdesivir. The stock of Dr Reddys Labs (DRL) has gained 9 per cent in the past one month with the company recently getting approval for importing the Sputnik vaccine. The stock price of Glenmark Pharma, another manufacturer of Remdesivir, is 4 per cent shy of hitting