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Pharma stocks may get a boost by Sputnik

India became the 60th country to approve the use of Russia’s Sputnik V vaccine in an emergency situation. As a result of this government’s approval to sputnik Dr Reddy’s share price has opened around 0.5 per cent higher at ₹5,019 and Panacea Biotec share price skyrocketed around 10 per cent while shares of Gland Pharma was up around 2 per cent at ₹2,632 per stock levels in today’s opening session. The total population of 60 countries where Sputnik V is approved for use is 3 billion people or about 40 per cent of the global population. CEO of the Russian Direct Investment Fund said that 850 million doses of the vaccine will be produced annually sufficient enough to vaccinate more than 425 million people around the world.
Many experts believe that these stocks are expected to give better returns to the stock market investors in the very short-term to short-term time horizon.

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