Business Standard

Mankind Pharma rallies 5% after 3.7 mn shares change hands via block deal

Mankind Pharma, the domestic pharmaceutical major's stock price surged up to 5.27 per cent at Rs 2,215 per share on the BSE in Wednesday's intraday trade

Mankind Pharma

Mankind Pharma | Photo: Website

SI Reporter New Delhi

Listen to This Article

Mankind Pharma, the domestic pharmaceutical major’s stock price surged up to 5.27 per cent at Rs 2,215 per share on the BSE in Wednesday’s intraday trade. According to reports, this came after around 3.7 million shares of Mankind Pharma, equivalent to 0.9 percent equity stake, were sold via block deals totaling Rs 771 crore on Wednesday. 

As per reports, Capital Group affiliate Hema CIPEF is the likely seller, the company held a 2.22 percent stake in Mankind Pharma.

On Tuesday reports emerged about Capital Group affiliate Hema CIPEF planning to sell a 0.9 per cent stake in the drug firm through block deals at Rs 2,061 per share.

Delhi based Mankind Pharma, is an India pharmaceutical company majorly focused on the domestic market and  known for its range of healthcare products spanning antibiotics, gastrointestinal, cardiovascular, dermal, and erectile dysfunction medications.

In the March quarter of FY24, Mankind Pharma reported a significant increase in net profit, rising by 65.1 percent year-on-year to Rs 471.2 crore, compared to Rs 285.4 crore in the corresponding period of the previous year. 

The company's revenue also grew by 19 percent to Rs 2,441.1 crore from Rs 2,052.7 crore year-on-year. Furthermore, the operating profit (EBITDA) surged by 41.8 percent to Rs 591.1 crore from Rs 416.7 crore in the same quarter last year, with the EBITDA margin improving to 24.2 percent from 20.3 percent in the previous fiscal year.

The large cap firm has a total market capitalisation of Rs 86,078 crore with its shares currently trading at a price to earnings multiple of 46.22 times. The earning per share of the company stood at Rs 45.52, BSE data showed. 

At 10:40 AM; the stock of the company was trading 2.12 per cent higher at Rs 2148.55 per share on the BSE. In comparison the BSE Sensex fell 1.01 per cent to 79,539 levels.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jul 10 2024 | 10:45 AM IST

Explore News