Glenmark Pharma inches up after two block deals

Glenmark Pharmaceuticals rose 0.92% to Rs 525 at 11:16 IST on BSE after two block deals aggregating 21.49 lakh shares were executed in the counter on BSE.

A block deal of 4.5 lakh shares was executed at Rs 518.80 per share at 10:06 IST. Another block deal of 16.99 lakh shares was executed at Rs 519 per share at 10:07 IST. The two block deals constitute 0.79% of Glenmark Pharmaceuticals' equity.

Meanwhile, the S&P BSE Sensex was up 84.19 points or 0.41% at 20,743.71.

On BSE, so far 21.71 lakh shares were traded in the counter as against average daily volume of 42,090 shares in the past one quarter.

The stock was volatile. The stock rose as much as 1.59% at the day's high of Rs 528.50 so far during the day. The stock lost as much as 0.33% at the day's low of Rs 518.45 so far during the day. The stock had hit a 52-week high of Rs 612 on 12 July 2013. The stock hit a 52-week low of Rs 458 on 28 March 2013.

The stock had outperformed the market over the past one month till 16 December 2013, advancing 2.12% compared with the Sensex's 1.28% rise. The scrip had, however, underperformed the market in past one quarter, declining 2.13% as against Sensex's 4.65% rise.

The large-cap company has equity capital of Rs 27.11 crore. Face value per share is Re 1.

Glenmark Pharmaceuticals consolidated net profit declined 1.6% to Rs 154.30 crore on 16.6% growth in net sales to Rs 1463.01 crore in Q2 September 2013 over Q2 September 2012.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai, India. It is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity).

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