Glenmark shares surge nearly 6% on bourses

Shares of Glenmark Pharmaceuticals advanced by nearly 6 per cent after the company posted rise in consolidated net profit for the first quarter ended June 30.
After surging 6.87 per cent to Rs 1,022 in intra-day trade at the BSE, shares of the company finally ended at Rs 1,009.80, up 5.59 per cent.
At the NSE, the company's scrip settled with a gain of 5.78 per cent at Rs 1,011.90.
Tracking the gain in the stock, the company's market valuation went up by Rs 1,510.13 crore to Rs 28,492.13 crore.
Glenmark Pharmaceuticals yesterday posted 3.29 per cent rise in consolidated net profit at Rs 190.93 crore for the first quarter ended June 30, driven by sales in domestic as well as overseas markets.

The company had posted a net profit of Rs 184.84 crore in the same period of the previous fiscal.
The company's consolidated revenue, excluding outlicensing income, stood at Rs 1,655.24 crore for the first quarter, as compared to Rs 1,457.03 crore in the same period of the previous fiscal, the firm had said in a filing to the BSE.