Shares of Gland Pharma fell over 3 per cent today after investor Nicomac Machinery reduced its stake in the pharma firm. The large cap stock touched an intraday low of Rs 3,319.85, down 3.58 per cent on BSE. Gland Pharma stock has lost 26.13 per cent in a year and fallen 13.21 per cent in 2022.
The stock has fallen after two days of consecutive gain. The share trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
Total 7,309 shares changed hands amounting to a turnover of Rs 2.45 crore on BSE.
Market cap of the firm fell to Rs 55,918 crore.
Nicomac Machinery Private Limited sold 53,79,343 equity shares or 3.27 percent stake in the pharma firm. These shares were sold at an average price of Rs 3,200.66 per share.
Nicomac Machinery owned 5.81 percent equity stake or 95.51 lakh shares in Gland Pharma as of March 2022.
Gland Pharma reported a 34 per cent rise in net profit at Rs 273.38 crore for the third quarter against Rs 204.11 crore in the corresponding quarter a year ago.
Sales climbed 23.73 per cent to Rs 1063 crore in Q3 of last fiscal against Rs 859.42 crore in the corresponding quarter of the previous fiscal.
Operating profit excluding other income climbed 32.18 per cent to Rs 349.27 crore in the December quarter against Rs 264.24 crore in Q3 of previous fiscal.
Gland Pharma is a global pure-play injectable company with its products being sold in over 60 countries across 5 continents, including the United States, Europe, Canada, Australia, India and other markets.
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