Glenmark Pharma shares continue to rise after Q2 earnings, jump nearly 22 pc

Shares of Glenmark Pharmaceuticals continued to rally for the second consecutive day on Monday, rising sharply by nearly 22 per cent after the company posed a profit of Rs 255.45 crore in the September quarter.

The scrip jumped a 21.35 per cent to close at Rs 365.50 on the BSE. During the day, it advanced 22.70 per cent to Rs 369.60.

On the National Stock Exchange (NSE), it climbed 21.44 per cent to close at Rs 365.55.

In terms of traded volume, 16.10 lakh shares of the company were traded on the BSE and 3.96 crore shares on the NSE during the day.

Shares of Glenmark Pharmaceuticals on Friday had zoomed nearly 7 per cent.

The drug firm on Thursday reported a consolidated net profit to Rs 255.54 crore for the second quarter ended on September 2019.

The company had posted a net profit of Rs 414 crore in the July-September quarter a year ago.

The net profit is not comparable to the previous corresponding quarter on account of an exceptional income of Rs 167.18 crore recorded in the second quarter of the previous financial year, the company said.

Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said, "We have rebounded strongly in the second quarter with most of our businesses recording good growth. The India business has continued to witness strong growth, while the US sales have grown quarter over quarter sequentially. The Latam (Latin American) business has also recovered well in the second quarter."