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Torrent Pharma gains on fund raising plan

Capital Market 

Torrent Pharmaceuticals rose 1.09% to Rs 1,919.05 after the company said its board will meet on Monday, 27 January 2020, to consider fund raising.

A meeting of the board of directors will be held on 27 January 2020 to consider raising funds by issuing equity shares including convertible bonds/debentures through qualified institutional placement (QIP) and/or depository receipts or any other modes.

The company will also consider Q3 results on 27 January 2020. On a consolidated basis, Torrent Pharmaceuticals' net profit rose 36.3% to Rs 244 crore on 5.9% rise in net sales to Rs 1,968 crore in Q2 September 2019 over Q2 September 2018.

Torrent Pharmaceuticals deals in the therapeutics segments of cardiovascular (CV), central nervous system (CNS), gastro-intestinal (GI), and vitamins minerals nutritionals (VMN). It has a presence in more than 40 countries.

The stock is currently trading 2.55% below its 52-week high at Rs 1,919.05. The scrip rose 2.46% in the past one month.

Its RSI (relative strength index) stood at 62.189. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

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

First Published: Thu, January 16 2020. 13:10 IST