Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.</li>
<li>Value areas of the market are underperforming while Technology and A.I. areas are starting to dominate again.</li>
<li>On ACWI-US, we want to see $156.50 support hold on any pullback (the breakout level) in order to remain near-term bullish, while major support is at $151.50.</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.
Value areas of the market are underperforming while Technology and A.I. areas are starting to dominate again.
On ACWI-US, we want to see $156.50 support hold on any pullback (the breakout level) in order to remain near-term bullish, while major support is at $151.50.


Concerns Mounting as MSCI ACWI Tests Base Support. Buys in Tech, Services, Financials, Healthcare

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Torrent Pharmaceuticals / Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/torrent-pharmaceuticals-ltd">Torrent Pharmaceuticals</a> is a leading player in the Indian pharmaceutical market, with a strong focus on high-margin chronic and sub-chronic therapies, particularly in the cardiovascular and central nervous system segments.</li>
  <li>The company is strategically expanding its presence in branded generics markets internationally, with significant operations in Brazil and Germany, complemented by a growing US generics business poised for profitability.</li>
  <li>Growth is being driven by a combination of strong domestic performance, new product launches, including a significant entry into the generic semaglutide market in India, and strategic acquisitions to bolster its therapeutic footprint.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Torrent Pharmaceuticals is a leading player in the Indian pharmaceutical market, with a strong focus on high-margin chronic and sub-chronic therapies, particularly in the cardiovascular and central nervous system segments.
  The company is strategically expanding its presence in branded generics markets internationally, with significant operations in Brazil and Germany, complemented by a growing US generics business poised for profitability.
  Growth is being driven by a combination of strong domestic performance, new product launches, including a significant entry into the generic semaglutide market in India, and strategic acquisitions to bolster its therapeutic footprint.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Torrent Pharmaceuticals (TRP IN) - Aug 2026

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Torrent Pharmaceuticals has captured roughly 38% of India's nascent generic semaglutide market in April 2026, generating approximately INR17 crore in monthly sales within weeks of patent expiry.</li>
<li>India's anti-obesity GLP-1 market is worth INR 1,600 crore today and is forecast to reach INR 4,500-5,000 crore by 2030. Early share in a winner-takes-most therapeutic is disproportionately durable.</li>
<li>Torrent's format breadth and chronic-therapy distribution infrastructure are structural moats that one-format rivals cannot replicate quickly. </li>
</ul>


Torrent Pharmaceuticals has captured roughly 38% of India's nascent generic semaglutide market in April 2026, generating approximately INR17 crore in monthly sales within weeks of patent expiry.
India's anti-obesity GLP-1 market is worth INR 1,600 crore today and is forecast to reach INR 4,500-5,000 crore by 2030. Early share in a winner-takes-most therapeutic is disproportionately durable.
Torrent's format breadth and chronic-therapy distribution infrastructure are structural moats that one-format rivals cannot replicate quickly. 


How Torrent Won the Generic Semaglutide Race?

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Jiangsu Hengrui received NMPA approval for camrelizumab as a first-line treatment of recurrent or metastatic cervical cancer. BeOne Medicines announced $300M expansion of its New Jersey manufacturing and R&amp;D center.</li>
<li>Takeda Pharmaceutical got China approval for Orzeyful as a treatment of narcolepsy type 1. Nippon Shinyaku outlicences NS-025 to Aquelys Therapeutics for the treatment of xerostomia associated with Sjögren’s disease.</li>
<li>Samsung Biologics is acquiring PolyPeptide, a leading global CDMO specializing in peptide-based API, for CHF1.46B. Celltrion has applied to the EMA for marketing authorization for its Cosentyx biosimilar candidate, CT-P55. </li>
</ul>


Jiangsu Hengrui received NMPA approval for camrelizumab as a first-line treatment of recurrent or metastatic cervical cancer. BeOne Medicines announced $300M expansion of its New Jersey manufacturing and R&amp;D center.
Takeda Pharmaceutical got China approval for Orzeyful as a treatment of narcolepsy type 1. Nippon Shinyaku outlicences NS-025 to Aquelys Therapeutics for the treatment of xerostomia associated with Sjögren’s disease.
Samsung Biologics is acquiring PolyPeptide, a leading global CDMO specializing in peptide-based API, for CHF1.46B. Celltrion has applied to the EMA for marketing authorization for its Cosentyx biosimilar candidate, CT-P55. 


APAC Healthcare Weekly (July 26) – Hengrui, BeOne, Takeda, Nippon Shinyaku, Samsung Bio, Celltrion

India

Torrent Pharmaceuticals is an Indian multinational pharmaceutical company specializing in the manufacturing, marketing, and distribution of branded generics and generic pharmaceutical products. The company focuses on therapeutic segments such as cardiovascular, central nervous system, gastrointestinal, diabetology, anti-infective, and pain management. It is headquartered in Ahmedabad, Gujarat, India, and was founded in 1959.

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Torrent Pharmaceuticals (TRP IN)

Concerns Mounting as MSCI ACWI Tests Base Support. Buys in Tech, Services, Financials, Healthcare

Concerns Mounting as MSCI $ACWI Tests Base Support. Actionable Themes: Technology, Services, Financials, and Health Care

Vermilion Research

Primer: Torrent Pharmaceuticals (TRP IN) - Aug 2026

Torrent Pharmaceuticals is a leading player in the Indian pharmaceutical market, with a strong focus on high-margin chronic and sub-chronic...

αSK Primers

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

How Torrent Won the Generic Semaglutide Race?

Torrent Pharmaceuticals dominates India's generic semaglutide market, capitalizing on early share in a growing anti-obesity market set to reach...

Nimish Maheshwari

APAC Healthcare Weekly (July 26) – Hengrui, BeOne, Takeda, Nippon Shinyaku, Samsung Bio, Celltrion

Hengrui’s camrelizumab got indication expansion approval for cervical cancer. BeOne announced $300M expansion plan for US facility. Samsung...

Tina Banerjee

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52-week Range

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Concerns Mounting as MSCI ACWI Tests Base Support. Buys in Tech, Services, Financials, Healthcare

Concerns Mounting as MSCI $ACWI Tests Base Support. Actionable Themes: Technology, Services, Financials, and Health Care

Vermilion Research

Primer: Torrent Pharmaceuticals (TRP IN) - Aug 2026

Torrent Pharmaceuticals is a leading player in the Indian pharmaceutical market, with a strong focus on high-margin chronic and sub-chronic...

αSK Primers

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

How Torrent Won the Generic Semaglutide Race?

​Torrent Pharmaceuticals dominates India's generic semaglutide market, capitalizing on early share in a growing anti-obesity market set to reach...

Nimish Maheshwari

APAC Healthcare Weekly (July 26) – Hengrui, BeOne, Takeda, Nippon Shinyaku, Samsung Bio, Celltrion

Hengrui’s camrelizumab got indication expansion approval for cervical cancer. BeOne announced $300M expansion plan for US facility. Samsung...

Tina Banerjee

Torrent Pharmaceuticals dominates India's generic semaglutide market, capitalizing on early share in a growing anti-obesity market set to reach...