Glenmark Pharma surges 6% as S&P Global sees stable cash flow in 2 years

Glenmark's operating cash flows, lower capital investments, and plans to channel proceeds from the sale of non-core assets to pay debt should improve its ratio of funds from operations to debt

Shares of Glenmark Pharmaceuticals rallied 6 per cent to Rs 450 in the intra-day trade on the BSE on Thursday after S&P Global ratings said it expects the company’s operating cash flows to stabilise over the next 12-24 months, given the limited impact of the Covid-19 pandemic on the broader pharmaceutical industry.

At 10:17 am, the stock was trading 5 per cent higher at Rs 446 on the BSE, as compared to 0.75 per cent rise in the S&P BSE Sensex. The counter witnessed huge trading volumes with a combined 6.8 million equity shares changing hands on the NSE and