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Glenmark Pharma jumps on value buying

Capital Market 

Shares of the pharmaceutical company rose 1.81% to Rs 367.65 on bargain hunting after a recent steep fall.

The scrip plunged 15.29% in the past three trading sessions to settle at Rs 361.10 on Friday, 16 August 2019, from its close of Rs 426.30 on Friday, 9 August 2019.

On BSE, 50,000 shares were traded in Glenmark Pharmaceuticals counter, compared to a 2-week average of 70,000 shares. The stock hit an intraday high of Rs 372.25 and an intraday low of Rs 360.

It hit a 52-week high of Rs 711.55 on 10 September 2018 and a 52-week low of Rs 356.50 on 16 August 2019.

The drug maker announced during today, 19 August 2019, that it has received regulatory approval to market a combination of its patent protected sodium glucose co‐transporter‐2 (SGLT2) inhibitor, Remogliflozin etabonate (Remogliflozin) and Metformin Hydrochloride (Metformin) film coated tablets in India.

The drug is used to cure type‐2 diabetes mellitus in adults. The firm plans to commercialize the product under the brand names 'Remo‐M' and 'Remozen‐M'.

Glenmark Pharmaceuticals' consolidated net profit fell 53.1% to Rs 109.31 crore on 7.2% increase in net sales to Rs 2,283.60 crore in Q1 June 2019 compared with Q1 June 2018.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 19 2019. 12:37 IST