Mankind Pharma block deal: Stock logs highest turnover as Beige sells stake

Shares of Mankind Pharma Ltd topped the turnover chart on BSE as reports said  investor Beige Ltd sold up to a 2.90 percent stake in a pharma company via block deals on Tuesday. Mankind Pharma shares slipped 3.21% to Rs 2141.50 against the previous close of Rs 2212.55 on BSE. The stock logged the highest turnover of Rs 152 crore after 7.06 lakh shares changed hands in early deals today. Tuesday’s volumes were 42.77 times the average weekly volumes of the stock.

The offer price for the block deal was in the range of Rs 2,103-2,214 per share, a discount of 0-5 percent to Friday's closing price. Beige held a 2.99 percent stake in Mankind before the block deal. Jefferies and IIFL Securities were the brokers to the deal. However, buyers in the deal were not immediately known. The size of the block deal was Rs 2,460 crore.

Market cap of the firm fell to Rs 87,488 crore in early deals. The stock has gained 24% in a six months and risen 12% in three months.

Earlier, Mankind Pharma stock opened lower at Rs 2175 against the previous close of Rs 2212.55. 

In terms of technicals, the relative strength index (RSI) of the stock stands at 57.9, signaling it's trading neither in the overbought nor in the oversold zone.

The shares trade higher than the 5-day, 20-day, 30 day 50-day, 100-day and 200 day moving averages. The stock touched a 52-week high of Rs 2297 on February 8, 2024 and fell to a 52-week low of Rs 1240.75 on May 22, 2023.

Mankind Pharma Limited is engaged in developing, manufacturing, and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. It has a portfolio of formulations in several therapeutic areas, such as anti-infectives, cardiovascular, gastrointestinal, vitamins/minerals/nutrients, respiratory, anti-diabetic, dermatology, gynecology, and pain/analgesics, among others.