Glenmark Pharma in the pink of health

Glenmark Pharmaceuticals rose 1.95% to Rs 785.40 at 11:18 IST on BSE after the company said it has received shareholders' approval to raise up to $300 million and to increase shareholding limit for foreign institutional investors from 40% to 49%.

The announcement was made after market hours yesterday, 31 December 2014.

Meanwhile, the S&P BSE Sensex was down 19.59 points or 0.07% at 27,479.83.

On BSE, so far 33,000 shares were traded in the counter as against average daily volume of 48,554 shares in the past one quarter.

The stock hit a high of Rs 788.90 and a low of Rs 779 so far during the day. The stock had hit a record high of Rs 840.10 on 21 November 2014. The stock had hit a 52-week low of Rs 496.20 on 15 January 2014.

The stock had underperformed the market over the past one month till 31 December 2014, sliding 5.99% compared with the Sensex's 4.16% fall. The scrip had, however, outperformed the market in past one quarter, surging 6.9% as against Sensex's 3.26% rise.

The large-cap company has equity capital of Rs 27.13 crore. Face value per share is Re 1.

Glenmark Pharmaceuticals' consolidated net profit rose 7% to Rs 165.08 crore on 14.3% growth in net sales to Rs 1671.53 crore in Q2 September 2014 over Q2 September 2013.

Glenmark Pharmaceuticals (GPL) has a significant presence in branded generics markets across emerging economies including India.

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