Marksans Pharma stock zooms 18% as board to consider share buyback

Shares of Marksans Pharma zoomed 18 per cent today after the firm said its board would meet on July 8 to consider the proposal for buyback of fully paid up equity shares of the company. Marksans Pharma stock climbed 18.06 per cent to Rs 51 against the previous close of Rs 43.20 on BSE. Shares of Marksans Pharma opened with a gain of 11.57 per cent at Rs 48.20 today.

The stock has gained after two days of consecutive fall. In the current session, the market cap of the firm rose to Rs 2,036 crore on BSE.

Total 8.50 lakh shares of the firm changed hands amounting to a turnover of Rs 4.17 crore.

The stock has lost 45.12 per cent in a year and fallen 17.07 per cent in 2022. In a month, the stock has climbed 7.33 per cent. The share touched a 52-week high of Rs 93.50 and a 52-week low of Rs 38.70 on 06 July, 2021 and 20 June, 2022, respectively.

"A meeting of the board of directors of Marksans Pharma is scheduled to be held on Friday, 8th July, 2022 to consider the proposal for buyback of fully paid up equity shares of the company up to such amount of the aggregate of company's paid up equity share capital and free reserves as the board may decide," the company said in a press release.

Marksans Pharma operates through the manufacture of pharmaceutical formulation segment. The company is primarily engaged in the research, manufacturing and marketing of generic pharmaceutical formulations with three state-of-the-art facilities in India, the United Kingdom and the United States.

It marks its presence across different therapeutic areas in the region, such as pain management, diabetes, cough and cold, neurology, cardiovascular and hormonal treatment. The company has a manufacturing facility for oral solid tablets, soft gelatin capsules and hard capsules in Goa.

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