Glenmark Pharma scales record high

Glenmark Pharmaceuticals rose 2.3% to Rs 1,249.50 at 14:02 IST on BSE, with the stock extending recent gains.

Meanwhile, the BSE Sensex was down 370.14 points, or 1.34%, to 27,237.68

On BSE, so far 5.88 lakh shares were traded in the counter, compared with an average volume of 85,262 shares in the past one quarter.

The stock hit a high of Rs 1,261.95 so far during the trading session, which is a record high for the counter. The stock hit a low of Rs 1,177 so far during the day. The stock had hit a 52-week low of Rs 677.85 on 26 September 2014.

The stock had outperformed the market over the past one month till 20 August 2015, rising 12.81% compared with 2.86% fall in the Sensex. The scrip also outperformed the market in past one quarter, advancing 34.66% as against Sensex's 0.82% decline.

The large-cap company has an equity capital of Rs 28.22 crore. Face value per share is Rs 1.

Shares of Glenmark Pharmaceuticals have gained 10.63% in four trading days from a recent low of Rs 1,129.40 on 17 August 2015.

On 19 August 2015, Glenmark Pharmaceuticals said that its US subsidiary Glenmark Pharmaceuticals Inc., USA has received final approval from the US drug regulator for a generic medicine.

Glenmark Pharmaceuticals Inc., USA (Glenmark) has received final approval by the United States Food & Drug Administration (USFDA) for Drospirenone and Ethinyl Estradiol Tablets USP, 3mg/0.02 mg, which is a generic version of Yaz Tablets of Bayer HealthCare Pharmaceuticals Inc. (Bayer). Glenmark plans to commence shipping of the drug immediately, the company had said in a statement on 19 August 2015.

According to IMS Health sales data, the Yaz brand and all therapeutic equivalents of the drug achieved annual sales of approximately $170.10 million in the United States for 12 months ended June 2015.

On a consolidated basis, Glenmark Pharmaceuticals' net profit fell 3.6% to Rs 178.27 crore on 10.9% increase in total income to Rs 1653.11 crore in Q1 June 2015 over Q1 June 2014.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai, India. Glenmark has several molecules in various stages of clinical development and is primarily focused in the areas of inflammation and pain management. The company has a significant presence in branded generics markets across emerging economies including India. The company along with its subsidiary has 14 manufacturing facilities in four countries and has six R&D centers.

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