ICICI Prudential Mutual Fund launches Nifty pharma index fund

NEW DELHI: ICICI Prudential Mutual Fund has introduced the launch of an open-ended index scheme replicating the Nifty Pharma Index. The index is designed to mirror the behaviour and efficiency of the businesses which might be engaged within the manufacturing of prescribed drugs and biotechnology firms.

The new fund supply (NFO) for ICICI Prudential Nifty Pharma Index Fund opened 25 November and can shut on 9 December.

The fund managers to the scheme could be Kayzad Eghlim and Nishit Patel.

The index consists of firms that are into generic medication, over-the-counter (OTC) medicines, bulk medication, vaccines, contract analysis & manufacturing, biosimilars and biologics.

The universe for inventory choice is Nifty 500 and no single inventory shall be greater than 33%. Weights of high three shares cumulatively is not going to be greater than 62% on the time of rebalancing. The index will likely be rebalanced semi-annually on 31 January and 31 July.

The Nifty Pharma Index has risen at 9.52% yearly since October 2012. For instance, 1 lakh invested within the Nifty Pharma Index in 2012 would have been value 2.48 lakh by finish of October 2022.

Speaking on the launch of the product, Chintan Haria, head-product improvement and technique, ICICI Prudential AMC, mentioned, “Pharma sector in India continues to flourish on the again of well being schemes launched by the federal government, improve in exports and rising home demand. Going ahead, better consciousness, altering angle in the direction of preventive healthcare, elevated priority of life-style illnesses and higher entry to insurance coverage is more likely to additional enhance the pharma business.”

According to the fund home, through the years, India has emerged as a pharmacy to the world by being the biggest supplier of generic medication globally and exporting prescribed drugs to over 200 international locations. Also, 70% of World Health Organisation’s vaccines (as per the important Immunization schedule) are sourced from India.

The fund home listed following components working favour of the pharma sector.

Government assist: As per the Union Budget 2022-23, $4.83 billion has been allotted to the ‘National Health Mission’.

Medical tourism: Quality companies at marginal prices in comparison with the US, Europe and South Asia.

Skilled drug manufacturing: Low-cost generic patented medication in addition to end-to-end manufacturing

High home demand: Launch of one of many largest National Health Protection Schemes globally.

Catch all of the Mutual Fund news and updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.



Please enter your comment!
Please enter your name here