Gland Pharma soars on heavy volumes

Gland Pharma jumped 7.49% to Rs 3,528.45 amid surge in volumes.

On the BSE, 5,608,066 shares of the company had traded in the counter so far as against an average trading volume of 15,433 shares in the past three months.

On the NSE, 880,982 shares of the company had traded in the counter so far as against an average trading volume of 204,407 shares in the past three months.

Shares of Gland Pharma extended gains for the fourth day in a row. The stock has added 10.38% in four sessions.

As per media reports, Nicomac Machinery was to sell 20.45 lakh shares (equivalent to 1.5% stake) of Gland Pharma, with an option to upsize the deal. The floor price had reportedly been set at Rs 3,118 per share.

Nicomac Machinery held 95,51,115 shares (equivalent 5.81% stake) of Gland Pharma as on 31 March 2022.

Hyderabad-based Gland Pharma is one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India and other markets. It operates primarily under a business to business (B2B) model and it engaged in development, manufacturing and marketing of complex injectables.

The company's consolidated net profit increased by 34% to Rs 273 crore in Q3 FY22 from Rs 204.1 crore in Q3 FY21. Revenue from operations during the third quarter of financial year 2022 grew by 24% YoY to Rs 1063.3 crore.

Powered by Capital Market - Live News