Glenmark surges by over 19% in morning trade

Glenmark Pharmaceuticals spurted by over 19% in morning trade on the bourses today after the company's unit entered into an outlicensing agreement with Sanofi for development and commercialisation of an anti-body used for the treatment of Crohn's disease.

Cheering the move, the stock shot up by 19.54% to touch a one-month high of Rs 327.80 on the Bombay Stock Exchange (BSE). Later, the scrip was trading at Rs 309.75, up 12.96%.

Investors flocked the company's counter on the National Stock Exchange as well, where the scrip zoomed up by 19.59% to touch an early peak of Rs 327.80. Later, the shares were quoting at Rs 309.50, up 12.91%.

On the volume front, over 53 lakh shares of the company were traded on the bourses withing the first few minutes of trade.