BUSINESS STATISTICS

CONTINOUS INTERNAL ASSESSMENT – 1

CLASSIFICATION, TABULATION AND INFERENCES OF DATA.

DESCRIPTION – Students are required to collect data for any four organisations/datapoints (
e.g. share prices and volume, GDP and inflation, revenues and expenses) for the past 10 years
using secondary sources of data and tabulate it. The data should also be represented graphically.
A comparison, analysis and interpretation of the data of the four organisations/datapoints using
measure of central tendancy (mean, median and mode) should be done.

COMPANIES CHOSEN –
1) CIPLA LIMITED
2) DIVIS LABORATORIES
3) TORRENT PHARMACEUTICALS
4) CADILA HEALTH CARE

SUBMITTED TO –
Ms. Fazeena Khadir

SUBMITTED BY –
1. HRITHIKA CHOWDHARY , 2123577
2. SHUBH CHANDARANA , 2123543
3. PRIYANSH LAKHANI , 2123567
4. PURVANG SELANI , 2123528
 INTRODUCTION TO DATASET CHOSEN :
Given below is the rationale of the dataset we have chosen to collect and
statistically analyse :
1. Share prices.
A share price is the price of a single share of a number of saleable equity shares of a company. In
layman's terms, the stock price is the highest amount someone is willing to pay for the stock, or the lowest
amount that it can be bought for. The price of a share is not fixed, but fluctuates according to market
conditions. It will likely increase if the company is perceived to be doing well, or fall if the company isn’t
meeting expectations.
Share prices can be effectively analysed through both technical and fundamental analysis. Technical
analysis seeks to assess the future price movements of shares by looking at historical chart data. By
studying previous share price trends, technical analysts can often identify whether a stock is about to enter
a bullish or bearish trend. Fundamental analysis is more concerned with identifying whether a stock is
over or undervalued. It does this by analysing the individual company’s perceived ability to generate a
profit, focusing on macroeconomic data, financial statements and decisions from senior management.

2. Total Revenue.
In business and economics, one of the most important measures for evaluating your success and progress
is looking at the trends in your total revenue. You need to know this important measure so that you can
eventually calculate your total profit for a business. Total revenue is the total receipts a seller can obtain
from selling goods or services to buyers. It can be written as P × Q, which is the price of the goods
multiplied by the quantity of the sold goods.

3. Gross Profit.
Gross profit is the profit a business makes after subtracting all the costs that are related to manufacturing
and selling its products or services. You can calculate gross profit by deducting the cost of goods sold
(COGS) from your total sales. For households and individuals, gross income is the sum of
all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or
taxes. It is opposed to net income, defined as the gross income minus taxes and other deductions (e.g.,
mandatory pension contributions).
INTRODUCTION TO COLLECTION, TABULATION AND
REPRESENTATION OF DATA.

Data are individual pieces of factual information recorded and used for the purpose of analysis. It is the
raw information from which statistics are created
Collection of Data. Data collected expressly for a specific purpose are called ‘Primary data’ e.g., data
collected by a particular person or organisation from the primary source for his own use, collection of
data about the population by censuses and surveys, etc. Data collected and published by one organisation
and subsequently used by other organisations are called ‘Secondary data’.
The various sources of collection for secondary data are: newspapers and periodicals; publications
of trade associations; research papers published by university departments, U.G.C. or research
bureaus; official publications of central, state and the local and foreign governments, etc.
The collection expenses of primary data are more than secondary data. Secondary data should
be used with care. The various methods of collection of primary data are: Direct personal
investigation (interview/observation); Indirect oral investigation; Data from local agents
and correspondents; Mailed questionnaires; Questionnaires to be filled in by enumerators;
Results of experiments, etc. Data collected in this manner are called ‘raw data’. These are
generally voluminous and have to be arranged properly before use.
Classification of data. The raw data, collected in real situations and arranged haphazardly, do not give a
clear picture. Thus to locate similarities and reduce mental strain we resort to classification. Classification
condenses the data by dropping out unnecessary details. It facilitates comparison between different sets of
data clearly showing the different points of agreement and disagreement. It enables us to study the
relationship between several characteristics and make further statistical treatment like
tabulation, etc.
Tabulation may be defined as the systematic presentation of numerical data in rows or/and columns
according to certain characteristics. It expresses the data in concise and attractive form which can
be easily understood and used to compare numerical figures. The advantages of a tabular presentation are
it is concise; there is no repetition of explanatory matter; comparisons can be made easily; the
important features can be highlighted errors in the data can be detected.
An ideal statistical table should contain Table number, Title, Date, Stubs or Row designations, Column
headings or Captions, Unit of measurement, Source, Footnotes and references.
Data representations are graphics that display and summarize data and help us to understand the data's
meaning. Data representations can help us answer the following questions: How much of the data falls
within a specified category or range of values? What is a typical value of the data? How much spread is in
the data? Is there a trend in the data over time? Is there a relationship between two variables?
The collected data can be expressed in various ways like bar graphs, pictographs, frequency table, line
graph, pie charts and many more. It depends on the purpose of the data, and accordingly, the type of
graph can be chosen.
 CIPLA LIMITED
Cipla Limited is an Indian multinational pharmaceutical company, headquartered in Mumbai, India.It was
founded by Khwaja Abdul Hamied as 'The Chemical, Industrial & Pharmaceutical Laboratories in 1935,
Mumbai.
Cipla primarily develops medicines to treat respiratory, cardiovasculardisease, arthritis, diabetes, weight
control and depression; other medical conditions. Cipla sells active pharmaceutical ingredients to other
manufacturers as well as pharmaceutical and personal care products, including escitalopram oxalate (anti-
depressant), lamivudine, and fluticasone propionate. They are the world's largest manufacturer
of antiretroviral drugs.
As of 17 September 2014, its market capitalisation was ₹49,611.58 crore (equivalent to ₹560 billion or
US$7.5 billion in 2020), making it India's 42nd largest publicly traded company by market value. The
equity shares of Cipla are listed on the Bombay Stock Exchange where it is a constituent of the BSE
SENSEX index, and the National Stock Exchange of India, where it is a constituent of the CNX
Nifty. Its Global Depository Receipts (GDRs) are listed on the Luxembourg Stock Exchange

Given below are the share prices of Cipla Limited, over the past 10 months of the year 2021, March
to December :

MONTHS SHAREPRICES
(In Rupees.)
MARCH, 2021 815.25

APRIL, 2021 911.30

MAY, 2021 949.15

JUNE, 2021 971.95

JULY, 2021 920.30

AUGUST, 2021 947.20

SEPTEMBER, 2021 984.10

OCTOBER, 2021 906.50

NOVEMBER, 2021 971.30

DECEMBER, 2021 944.30

 Calculating the mean of the shareprices of Cipla Limited using Assumed mean method:
Months x d
March 815.25 -105.05
April 911.30 -9
May 949.15 -28.85
June 971.95 51.65
July 920.30 0
August 947.20 26.9
September 984.10 63.8
October 906.50 -13.8
November 971.30 51
December 944.30 24
Σd = 118.35

Where,
a (Assumed Mean) = 920.30
x = corresponding shareprices of each month
d=x–a
n (no. of data items) = 10

Arithmetic mean (x̄) = a + Σd / n

= 920.30 + 11.835
= 932.135
 Graphical representation:
The bar graph below graphically represents the shareprices of Cipla Limited for the past 10
months of the year 2021, March to December.
Given below are the total revenues of Cipla Limited, over the past 4 years , 2018 to 2021 :

YEAR TOTAL REVENUE

March , 2018 152192.50
March , 2019 163624.10
March , 2020 171319.90
March , 2021 191595.90

Calculating the median of the total revenues of Cipla Limited :

Data arranged in ascending order is as follows –

152192.50 < 163624.10 < 171319.10 < 191595.90
Since number of items = 4 , which is an even number
Median = average of the middle two numbers
= (171319.90 + 163624.10 ) / 2
= 334944 / 2
= 167472

Graphical representation :

YEAR TOTAL REVENUE CUMULATIVE

FREQUENCY
March , 2018 152192.50 152192.50
March , 2019 163624.10 315816.6
March , 2020 171319.90 487136.5
March , 2021 191595.90 678732.4
The ogive below graphically represents the total revenues of Cipla Limited for the past 4 years,
2018 to 2021.
 Given below are the gross profits of Cipla Limited, over the past 4 years, 2018 to 2021 :

YEAR GROSS PROFIT

March 2018 88026
March , 2019 96663
March 2020 101951.80
March, 2021 108309.50

Calculating the mode of the gross profits of Cipla Limited :

The set of data values , corresponding to the gross profits earned by Cipla Limited from the years
2018 to 2021, has no re-occurring vale and hence, there is no mode for the data.

Graphical representation :
The line graph below graphically represents the gross profits of Cipla Limited for the past 4
years, 2018 to 2021.
 Analysis.

Over the last one year, Cipla share price has moved up from Rs 467.9 to Rs 778.1, registering a gain of Rs
310.2 or around 66.3%. Cipla share prices positively increases. Started from 815 and in December to 944
therefore 15 % increase and the revenue and gross profit has also increased over the years showing that
cipla is a very good company to invest for the long term. There were not many countervailing bars which
contradict the trend or pattern, except the first one in march but , then most technical traders discount it.
The bar graph also clearly shows an uptrend, they all are higher highs. The trading range has very small
differences. It depicts bullish market sentiment.

For the 4 months ended 30 September 2021, CiplaLtd revenues increased 17% to RS110.24B. Net income
increased 15% to RS14.26B. Revenues reflect Pharmaceuticals segment increase of 17% to RS107.98B,

Cipla beat expectations riding the demand for Covid expectations. The company is a market leader in
respiratory and inhalation therapies that were under spotlight due to covid. Cipla has also achieved zero
net debt position due to improved collections and profitability.
 DIVI’S LABORATORIES
Divi's Laboratories Limited is an Indian Pharmaceuticals company and producer of active pharmaceutical
ingredients (APIs) and intermediates headquartered in Hyderabad, Telangana, India. Divi's Laboratories
was established in 1990 as Divi's Research Centre. The company manufactures and custom synthesizes
generic APIs, intermediates and nutraceutical ingredients. Divi's Laboratories is India's second most
valuable pharmaceutical company by market capitalization.
Given below are the share prices of Divi’s Laboratories, over the past 10 months of the year 2021,
March to December :

MONTHS SHAREPRICES
(In Rupees.)
MARCH, 2021 3622.80

APRIL, 2021 4062.35

MAY, 2021 4194.00

JUNE, 2021 4408.25

JULY, 2021 4906.10

AUGUST, 2021 5173.60

SEPTEMBER, 2021 4798.70

OCTOBER, 2021 5150.15

NOVEMBER, 2021 4878.80

DECEMBER, 2021 4678.20

Calculating the mean of the shareprices of Divi’s laboratories using Assumed mean method
Months x d
MARCH, 2021 3622.80 -1550.8
APRIL, 2021 4062.35 -1111.25
MAY, 2021 4194.00 -979.6
JUNE, 2021 4408.25 -765.35
JULY, 2021 4906.10 -267.5
AUGUST, 2021 5173.60 0
SEPTEMBER, 2021 4798.70 -374.9
OCTOBER, 2021 5150.15 -23.45
NOVEMBER, 2021 4878.80 -294.8
DECEMBER, 2021 4678.20 -495.4
Σd = 5863.05

Where, `
a (Assumed Mean) = 5173.60
x = corresponding shareprices of each month
d=x–a
n (no. of data items) = 10

Arithmetic mean (x̄) = a + Σd / n

= 5173.60 - 586.305
= 4587.57
 Graphical representation :
The bar graph below graphically represents the share prices of Divi’s Laboratories for the past 10
months of the year 2021, March to December.
Given below are the total revenues of Divi’s Laboratories, over the past 4 years , 2018 to 2021 :

YEAR TOTAL REVENUE

March , 2018 39127.80
March , 2019 49462.60
March , 2020 53944.20
March , 2021 69,694

Calculating the median of the total revenues of Divi’s Laboratories :

Data arranged in ascending order is as follows –

69,694 < 39127.80 < 49462.60 < 53944.20
Since number of items = 4 , which is an even number
Median = average of the middle two numbers
= (49462.60 + 53944.20 ) / 2
= 103406.8/ 2
= 51703.4

Graphical representation :

YEAR TOTAL REVENUE CUMULATIVE

FREQUENCY
March , 2018 39127.80 39127.80
March , 2019 49462.60 88590.4
March , 2020 53944.20 142534.6
March , 2021 69,694 212228.6
The ogive below graphically represents the total revenues of Divi’s Laboratories for the past 4
years, 2018 to 2021.
 Given below are the gross profits of Divi’s Laboratories, over the past 4 years, 2018 to 2021 :

YEAR GROSS PROFIT

March 2018 20524
March , 2019 27858.40
March 2020 29205.20
March, 2021 42185.70

Calculating the mode of the gross profits of Divi’s Laboratories :

The set of data values , corresponding to the gross profits earned by Divi’s Laboratories from the
years 2018 to 2021, has no re-occurring vale and hence, there is no mode for the data.
Graphical representation :
The line graph below graphically represents the gross profits of Divi’s Laboratories for the past 4
years 2018- 2021.
 Analysis.
Divi’s laboratories also has a positive growth in terms of share prices started in march 2021 at 3622 and
ended the year with share price of 4678 that means a jump of 30%. Also has a steady increase of gross
profit and revenue in span of last 4 years!
Also to mention it has the highest share price among our 4 companies.
The share prices of Divi’s laboratories had a bearish momentum over the 10 months of the year 2021.
They were at the highest during September but later on , it reduced by December. The share price seems
to be dropping. There are no countervailing bars which contradict the trend or pattern. The bar graph
shows a significant increase in the opening price and the closing price.
The total revenue however had been improving every year, which a good sign.
The gross profit is also increasing every year , despite the pandemic. The strong positioning of Divi’s
helps it monetising growth opportunities in API and CRAMS.
It is also estimated that Divi’s shall make lump sum profits in the future if Molnupiravir is approved, the
first ever oral covid-19 drug which can be taken at home without any supervision. It will effectively
impact the company’s revenue growth being an authorised manufacturer.
 TORRENT PHARMACEUTICALS
Torrent Pharma, the flagship Company of Torrent Group, with a turnover of Rs.8005 Cr is one of the
leading Pharma companies in the Country. Torrent Pharmaceuticals Ltd is an
Indian multinational pharmaceutical company, owned by Torrent Group and headquartered
in Ahmedabad. It was promoted by U. N. Mehta, initially as Trinity Laboratories Ltd, and was later
renamed Torrent Pharmaceuticals Ltd.
Torrent Pharma is active in the therapeutic areas of Cardiovascular (CV), central nervous system (CNS),
gastro-intestinal, diabetology, anti-infective and pain management segments. It has also forayed into the
therapeutic segments of nephrology and oncology while also strengthening its focus on gynaecology and
paediatric segments. The company's key areas are Formulations, API, Drug Discovery, Marketing and
Sales of Drugs.

Given below are the share prices of Torrent Pharmaceuticals, over the past 10 months of the year
2021, March to December :

MONTHS SHAREPRICES
(In Rupees.)
MARCH, 2021 2545

APRIL, 2021 2509

MAY, 2021 2741

JUNE, 2021 2901

JULY, 2021 3071

AUGUST, 2021 3105

SEPTEMBER, 2021 3085

OCTOBER, 2021 2860

NOVEMBER, 2021 3042

DECEMBER, 2021 3278

Calculating the mean of the share prices of Torrent Pharmaceuticals using Assumed mean
method
Months x d
MARCH, 2021 2545 -560
APRIL, 2021 2509 -596
MAY, 2021 2741 -364
JUNE, 2021 2901 -204
JULY, 2021 3071 -34
AUGUST, 2021 3105 0
SEPTEMBER, 2021 3085 -20
OCTOBER, 2021 2860 -245
NOVEMBER, 2021 3042 -63
DECEMBER, 2021 3278 173
Σd = -1913

Where,
a (Assumed Mean) = 3105
x = corresponding share prices of each month
d=x–a
n (no. of data items) = 10

Arithmetic mean (x̄) = a + Σd / n

= 3150 – 191.3
= 2913.7
 Graphical representation :
The bar graph below graphically represents the share prices of Torrent Pharmaceuticals for the
past 10 months of the year 2021, March to December.
Given below are the total revenues of Torrent Pharmaceuticals, over the past 4 years, 2018 to 2021 :

YEAR TOTAL REVENUE

March , 2018 59498
March , 2019 76728
March , 2020 79393
March , 2021 80048

Calculating the median of the total revenues of Torrent Pharmaceuticals :

Data arranged in ascending order is as follows –

59498 < 76728 < 79393 < 80048
Since number of items = 4 , which is an even number
Median = average of the middle two numbers
= (76728 + 79393 ) / 2
= 156121/ 2
= 78060.5

Graphical representation :

YEAR TOTAL REVENUE CUMULATIVE

FREQUENCY
March , 2018 59498 59498
March , 2019 76728 136226
March , 2020 79393 215619
March , 2021 80048 295667
The ogive below graphically represents the total revenues of Torrent Pharmaceuticals for the past
4 years, 2018 to 2021.
Given below are the gross profits of Torrent Pharmaceuticals, over the past 4 years, 2018 to 2021 :

YEAR GROSS PROFIT

March 2018 41730
March , 2019 53511
March 2020 56867
March, 2021 57695

Calculating the mode of the gross profits of Torrent Pharmaceuticals :

The set of data values , corresponding to the gross profits earned by Torrent Pharmaceuticals
from the years 2018 to 2021, has no re-occurring vale and hence, there is no mode for the data.
Graphical representation :
The line graph below graphically represents the gross profits of Torrent Pharmaceuticals for the
past 4 years 2018- 2021.
 Analysis
Torrent Pharmaceuticals is another blooming enterprise in this industry. In march 2021 its share price was
2545 and it ended its year with a whopping 28% increase with price of 3278. Similar to other companies it also
has positive growth in terms of revenue and gross profit which makes this company a very good prospect to
invest in for the future.

The momentum of share prices is showing sharp ratios. There has been a significant increase in the
opening and the closing share prices. Even though the stock has fallen, but its long term trend is positive
and in an uptrend.
The revenue was almost same in 2019 and 2020 but had a significant growth as compared to 2018.
The gross profit is shown to have a very health growth rate over 4 years mainly on the back of continued
India business recovery momentum, and cost control. Growth was driven by market recovery, continued
momentum in chronic brands and strong recovery in sub-chronic brands,
 CADILA HEALTH CARE.
Cadila Healthcare Limited (also known as Zydus Cadila) is an Indian
multinational pharmaceutical company headquartered in Ahmedabad, Gujarat, India primarily engaged in
the manufacture of generic drugs. Cadila was founded in 1952 by Ramanbhai Patel (1925–2001),
formerly a lecturer in the L.M. College of Pharmacy, and his business partner Indravadan Modi. It
evolved over the next four decades into an established pharmaceutical company.
It ranked 100th in the Fortune India 500 list in 2020. In July 2020, the company got permission to
conduct human trials of the developmental COVID-19 vaccine named ZyCoV-D, from the Drugs
Controller General of India (DCGI), Government of India. On 20 August 2021, DCGI granted emergency
use approval of ZyCoV-D.
Cadila is also among the several Indian pharma companies that received the licensing agreements from
the Gilead Sciences to produce remdisivir.
Given below are the share prices of Cadila Health Care, over the past 10 months of the year 2021,
March to December :

MONTHS SHAREPRICES
(In Rupees.)
MARCH, 2021 440

APRIL, 2021 571

MAY, 2021 618

JUNE, 2021 645

JULY, 2021 568

AUGUST, 2021 554

SEPTEMBER, 2021 551

OCTOBER, 2021 502

NOVEMBER, 2021 465

DECEMBER, 2021 483

 Calculating the mean of the share prices of Cadila Health Care using
Assumed mean method
Months x d
MARCH, 2021 440 -111
APRIL, 2021 571 20
MAY, 2021 618 67
JUNE, 2021 645 94
JULY, 2021 568 17
AUGUST, 2021 554 3
SEPTEMBER, 2021 551 0
OCTOBER, 2021 502 -49
NOVEMBER, 2021 465 -86
DECEMBER, 2021 483 -68
Σd = -113

Where,
a (Assumed Mean) = 551
x = corresponding share prices of each month
d=x–a
n (no. of data items) = 10

Arithmetic mean (x̄) = a + Σd / n

= 551 – 11.3
= 539.7
 Graphical representation :
The bar graph below graphically represents the share prices of Cadila Health Care for the past 10
months of the year 2021, March to December.
Given below are the total revenues of Cadila Health Care, over the past 4 years, 2018 to 2021 :

YEAR TOTAL REVENUE

March , 2018 119544
March , 2019 131656
March , 2020 142531
March , 2021 144988

Calculating the median of the total revenues of Cadila Health Care :

Data arranged in ascending order is as follows –

119544 < 131656 < 142531 < 144988
Since number of items = 4 , which is an even number
Median = average of the middle two numbers
= (131656 + 142531 ) / 2
= 274187/ 2
= 137093.5

Graphical representation :

YEAR TOTAL REVENUE CUMULATIVE

FREQUENCY
March , 2018 119544 119544
March , 2019 131656 251200
March , 2020 142531 393731
March , 2021 144988 538719
The ogive below graphically represents the total revenues of Cadila Health Care for the past 4
years, 2018 to 2021.
Given below are the gross profits of Cadila Health Care, over the past 4 years, 2018 to 2021 :

YEAR GROSS PROFIT

March 2018 71668
March , 2019 78606
March 2020 87452
March, 2021 96201

Calculating the mode of the gross profits of Cadila Health Care :

The set of data values , corresponding to the gross profits earned by Cadila Health Care from the
years 2018 to 2021, has no re-occurring vale and hence, there is no mode for the data.
Graphical representation :
The line graph below graphically represents the gross profits of Cadila Health Care for the past 4
years 2018- 2021.
 Analysis
Cadila healthcare limited recently made into Indian news with getting permission for conducting human
trials for covid-19 vaccine. Its share price in march 2021 was around 440 rupees and it ended its year with
483. It does a have positive growth in share price but as compared to its competitors it just had a mere
increase 10% . It also has a increased its gross profit and revenue from the past 4 years but would like to
mention that this company is still in budding stage and would prosper in future.
There has been a steady increase in the gross profit and total revenue over the time of 4 years. However,
the bar graph shows a decline in the share prices of Cadila Health Care. The opening price and closing
price are almost at the same level showing a down trend despite the share price being really high in the
month of June.
This decline is skewed towards acute portfolio which will take time to recover to its pre-covid days.
Incidentally, it has been severely impacted by the pandemic. Drug recall and impact on sales could be the
factors.
 Conclusion
To answer the question, which is the best performing company in our reading, is TORRENT
PHARMACEUTICALS. This is because even though the increase in its share price is 2% less than Divi’s
Laboratories; The cumulative revenue earned by Torrent pharmaceuticals in the last 4 years is 83000
lakhs more than Divi’s Laboratories. And the gross profit earned in the last year is also better than Divi’s
Laboratories.
So to conclude our analysis Torrent pharmaceuticals was the best performing company

The Indian pharmaceuticals market has characteristics that make it unique. First, branded generics
dominate, making up for 70 to 80 per cent of the retail market. Second, local players have enjoyed a
dominant position driven by formulation development capabilities and early investments. Third, price
levels are low, driven by intense competition. While India ranks tenth globally in terms of value, it is
ranked third in volumes. The analysis shows a likely increase in stock prices of up to 25% of their values
at the start of the pandemic. The results also show that the negative impacts of the pandemic will be
realised as increased volatility rather than a decrease in returns.
While the market has gained in confidence, it is also facing a period of flux. First, the broader healthcare
sector is experiencing discontinuous development. Manifold rise in public healthcare spending, rising
patient awareness, expanding insurance coverage across the income pyramid and the emergence of new
hospital formats illustrates this flux. Second, in the past 3 to 4 years, industry structure in pharmaceuticals
has changed with remarkable shifts in the leader board. Four of the top ten players, including the market
leader, are new entrants. Finally, traditional sources of growth are making room for newer ones. For
example, while new products will cease to drive growth, existing large brands would need to make up
the gap.
The new normal is here to stay and presents a unique opportunity for the Indian pharma industries to
enhance its position as the largest provider of generics globally and emerge out of this crisis as a preferred
sourcing hub for the world. With many countries looking at de-risking their API supply chains by
exploring alternative sourcing hubs, this is an opportune period for India to step in and present itself as a
viable option in the long term. For this to materialise, it would require a sustained intervention from the
Government to create an enabling environment, easing regulatory hurdles, incentivizing research &
development and creating a strong innovation ecosystem – not just for India but also for exports.
In a post-pandemic world, the influx of digitisation across the care continuum will help these
pharmaceutical industries to reach more patients and offer them better solutions for awareness,
diagnostics, cure and adherence. The resilience and agility, together with the forward-thinking vision shall
take these companies forward.
The research for this CIA made a methodological contribution to the research on market reaction during
pandemics. It also extended our literacy on market behaviour during periods of economic uncertainty,
especially the pharma companies. It helped us apply the central tendencies we learnt during the classes in
a practical way.
 References :

https://www.moneycontrol.com/india/stockpricequote/pharmaceuticals/cadilahealthcare/CHC

https://in.investing.com/equities/divis-laboratories

https://in.investing.com/equities/cipla

https://www.investing.com/equities/torrent-pharmaceuticals