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Glenmark Pharma share rises 7% on strong Q1 earnings

Glenmark Pharma share rises 7% on strong Q1 earnings

Glenmark Pharma share opened with a gain of 4.14% today

Glenmark Pharma stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Glenmark Pharma stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Share price of Glenmark Pharmaceuticals rose 7% on Monday after the Indian drugmaker reported an over two-fold rise in consolidated net profit at Rs 254.04 crore for the quarter ended June against  Rs 109.28 crore profit for the April-June period of 2019-20.

The stock has gained 4.61% in the last 2 days. The pharma share opened with a gain of 4.14% today. The stock touched an intraday high of Rs 508.5, gaining 7% on BSE. Glenmark Pharma stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 34% in one year and 40% since the beginning of this year. In a month, the share has gained 12.8%.

Total 5.09 lakh shares changed hands amounting to turnover of Rs 24.99 crore. Market cap of the firm rose to Rs 13,719 crore. The stock hit its 52-week high of Rs 572.70 on June 22, 2020 and 52 week low of Rs 168 on March 13, 2020.

Revenue rose to Rs 2,344.78 crore in the first quarter compared to Rs 2,322.87 crore in the year-ago period.

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"It has been a challenging quarter across all markets due to the ongoing pandemic. Despite a difficult operating environment, we managed to record sales growth for the organisation. We are focussed on controlling costs on all fronts and will continue with these efforts for the remaining part of the financial year," Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said.

Meanwhile in a volatile session, Sensex traded 23 points higher at 37,900 and Nifty gained 18 points to 11,197.

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Published on: Aug 17, 2020, 11:03 AM IST
Posted by: Aseem Thapliyal, Aug 17, 2020, 11:03 AM IST