Glenmark Pharma snaps 3-day rising streak

Glenmark Pharmaceuticals declined 4.60% to Rs 348.70 on profit booking after recent steep gains.

Shares of Glenmark Pharmaceuticals soared 32.93% in the past three trading sessions to settle at Rs 365.50 yesterday, 18 November 2019, from its close of Rs 274.95 on 13 November 2019.

A foreign brokerage upgraded the Glenmark Pharmaceuticals 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.

Meanwhile, the S&P BSE Sensex was up 156 points or 0.39% to 40,440.50. The stock was trading in a range of Rs 348.20 to Rs 373.85 so far during the day.

In the past one month, Glenmark Pharmeceuticals rose 16.56% to its current market price of Rs 348.70 overperforming the Nifty Pharma index which rose 1.27%.

Glenmark Pharmaceuticals' consolidated net profit fell 17.2% to Rs 255.50 crore on 8.8% rise in net sales to Rs 2,763.73 crore in Q2 September 2019 over Q2 September 2018.

Glenmark Pharmaceuticals is engaged in the development of new chemical entities (NCEs) and new biological entities (NBEs).

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