Glenmark Pharma up on outlicensing NCEs

The scrip finally soared to a high of Rs  246 and finally ended at Rs 243, up 5% from the previous close. The counter clocked volumes of 599,725 shares on the BSE as compared to the two-week daily average traded volumes of 517,361 shares on the BSE.
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(Updated at 1007hrs)

Glenmark Pharma has gained on outlicensing plans.

The stock opened at Rs 240 and is now at Rs 234, up 1.5% from its previous close. The counter has clocked volumes of 27,779 shares as compared to the two-week daily average traded volumes of 517,316 shares on the BSE.

The company is confident of outlicensing at least one of its new chemical entities (NCEs) under development before the end of this financial year, according to the chief executive and managing director, Glenn Saldanha. He said that the company has even plans of raising about Rs 550-600 crore from the initial public offer of its 100% subsidiary Glenmark Generics Ltd. (GGL).