GSK Pharma spurts on open offer buzz

Meanwhile, the S&P BSE Sensex was up 104.20 points, or 0.53%, to 19,714.68.

On BSE, 10,000 shares were traded in the counter as against an average daily volume of 9,691 shares in the past one quarter.

The stock hit a high of Rs 2,810 and a low of Rs 2,697.60 so far during the day. The stock had hit a record high of Rs 2,899 on 3 June 2013. The stock had hit a 52-week low of Rs 1916 on 4 July 2012.

The stock had outperformed the market over the past one month till 3 June 2013, rising 16.94% compared with the Sensex's 0.18% rise. The scrip had also outperformed the market in past one quarter, rising 27.22% as against Sensex's 3.66% rise.

The large-cap company has an equity capital of Rs 84.70 crore. Face value per share is Rs 10.

Shares of GlaxoSmithkline Pharmaceuticals (GSK Pharma) have rallied 21.09% in three trading sessions from Rs 2,300 on 30 May 2013.

Shares of multinational corporation (MNC) associates are in demand recently after foreign promoters of GlaxoSmithKline Consumer Healthcare, Hindustan Unilever and CRISIL offered to hike their stakes in Indian units in a bid to deepen exposure in emerging markets.

As on 31 May 2013, promoters held 50.67% stake in GSK Pharma.

GSK Pharma's net profit surged 37.5% to Rs 169.01 crore on 1.5% growth in net sales to Rs 632.14 crore in Q1 March 2013 over Q1 March 2012.

GSK Pharma is engaged in manufacturing and marketing pharmaceutical and healthcare products such as betamethasone, cefuroxime and ranitidine.

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