Business Standard

Glenmark Pharma hits four-year high, surges 10% in two days

The company has entered into an agreement with Forest Labs to develop novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain.

Related News

Glenmark Pharmaceuticals has rallied over 5% to Rs 547, its highest level since September 2008, with heavy volumes on the NSE. The stock opened at Rs 522 and has seen a combined 1.28 million shares changing hands on the counter so far compared to less than one million shares that were traded daily in past two weeks.

The stock has outperformed the market by surging 10% in past two trading sessions compared to 1% rise in benchmark Sensex after the company informed the stock exchanges that it has entered into an agreement with (Forest Labs) to develop novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain.

Under the terms of agreement, Forest Labs will make a $6-million up-front payment and provide an additional $3 million to support the next phase of work. Forest Labs will make other future payments in FY2014 to support the ongoing mPGES-1 inhibitors programme.

Analyst at Sharekhan recommended a BUY on the stock with the revised target price of Rs 600 saying that it an important development for the company having positive repercussions in the long term.

Read more on:   
|
|

Read More

Two entities fail to make prima facie case to revoke ban: Sebi

The Securities and Exchange Board of India (Sebi) today said the restraining order on two entities, related to plunge in some mid-cap stocks in July, ...

Quick Links

 

Market News

Recovery process gathers momentum at NSEL

MPID Court directs asset sale of NSEL defaulter Metkore worth around Rs. 95 crore

Videocon d2h files fresh papers for Rs 700-cr IPO

Videocon d2h Ltd, the satellite television arm of the Videocon Group, has filed fresh papers with the Securities and Exchange Board of India ...

Sensex posts second weekly fall; flows, earnings awaited

The BSE Sensex fell on Wednesday, with blue chips such as ITC retreating, as traders refrained from building positions ahead of an extended ...

Decoding India Inc's equity capital-raising trend

Banks lead the chargeMost big-ticket issuances were from the financial sector

Petrochemicals prices start correcting

Polyester yarn industry worst affected, bearish outlook for benzene

Back to Top