Glenmark Pharma gains after brokerage upgrade

Glenmark Pharmaceuticals surged 8.78% to Rs 327.65 after a foreign brokerage reportedly upgraded the stock to 'buy' from 'sell' and hiked price target to Rs 410 from Rs 350.

The brokerage cited attractive valuations, strong quarter-on-quarter (QoQ) growth in the US market and higher than industry growth in the India business as reasons for the upgrade.

The stock extended gains for the third straight session. It has risen 19.16% from a recent closing low of Rs 274.95 on 13 November 2019.

Glenmark Pharmaceuticals reported a consolidated net profit of Rs 255.54 crore in Q2 September 2019 as against net profit of Rs 414 crore in Q2 September 2018. The net profit is not comparable to the previous corresponding quarter on account of an exceptional income of Rs 167.18 crore in the last fiscal.

Net sales rose 8.8% to Rs 2,763.73 crore in Q2 September 2019 over Q2 September 2018.

The result was announced post trading hours on Thursday, 14 November 2019. The stock rose 6.70% to end at Rs 301.20 on Friday, 15 November 2019.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical organization.

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