Mankind Pharma up 4% as board approves raising Rs 10,000-cr via NCDs, CPs
Mankind Pharma approved raising Rs 10,000 crore via the issuance of Non-Convertible Debentures (NCD) and Commercial Papers (CP)
 "Mankind Pharma up 4% as board approves raising Rs 10,000-cr via NCDs, CPs")
Mankind Pharma share price today gained as much as 4 per cent intraday, registering a high of Rs 2,649 per share, on the BSE on Monday. The pharmaceutical company's stock rose after its board approved raising funds up to Rs 10,000 crore through non-convertible debentures (NCD) and commercial papers.
At around 12:12 PM, shares of Mankind Pharma were up 2.78 per cent at Rs 2,618 per share on the BSE. In comparison, the BSE Sensex traded 160.74 points (around 0.2 per cent) higher at 84,705.05 around the same time.
"The Board of Directors of the company, at its meeting held on September 20, 2024, has considered and approved raising of funds by way of issuance of Non-Convertible Debentures (NCDs) and Commercial Papers (CPs) on private placement basis for an amount aggregating up to Rs 10,000 crore," the company said in its stock exchange filing.
Mankind Pharma's board also gave a nod for the issuance of corporate guarantees for its subsidiaries-- Mankind Agritech, Appian PropertiesCopmed Pharmaceuticals, and Lifestar Pharma.
Mankind Pharma Q1FY25 results
Delhi-based Mankind Pharma reported a 9.9 per cent year-on-year (Y-o-Y) rise in consolidated net profit for the June quarter (Q1 FY25) at Rs 543 crore, up from Rs 494 crore reported for the same period last year.
The company's revenue from operations rose to Rs 2,893 crore in Q1 FY25, a 12.2 per cent Y-o-Y rise from Rs 2,579 crore reported in Q1 FY24.
The earnings before interest, tax, depreciation, and amortisation (Ebitda) rose to Rs 686 crore in the June quarter as against Rs 660 crore in the same period last fiscal.
The company's exports business also witnessed a growth of 62 per cent Y-o-Y in the June quarter, driven by an increase in the company’s base business and new launches.
The company also announced the acquisition of Bharat Serums and Vaccines (BSV) in the quarter.
In the past one year, shares of Mankind Pharma have gained 45.4 per cent against BSE Sensex's rise of 28 per cent.