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

Latest News

 

Market News

Zee Entertainment up 7% ahead of Nifty inclusion

Zee Entertainment will replace United Spirits in the 50-share Nifty from September 19.

Nifty above 8,100 mark; Hero Moto up over 5%

The market breadth in BSE remains firm with 2,141 shares advancing and 825 shares declining

Hero MotoCorp hits record high on Rs 1,600 crore capex plan

The company would set up an ultra-modern manufacturing facility with a capacity to produce 1.8 million units annually in Andhra Pradesh.

Snowman Logistics extends rally post listing

The stock is currently trading at Rs 90.15 on BSE, up 90% against its issue price of Rs 47.

Sensex up over 400 points powered by heavyweights

HDFC, L&T, ICICI Bank and RIL among the top gainers

Back to Top