Glenmark Pharma shares jump on Temasek investment plan

Glenmark Pharmaceuticals shares jumped over 4 per cent in morning trade on the bourses after Singapore's state investment arm Temasek announced last week its plans to invest about $151 million (or Rs 945 crore) in the company.

Shares of the company were up 3.31 per cent at Rs 893.05 on the Bombay Stock Exchange at 11 am and 2.62 per cent at Rs 887.85 on the National Stock Exchange.

"Assuming the entire equity infusion will be used to repay debt, interest cost would reduce by 25 per cent for FY16 and FY17," IndiaNivesh said.

The financial services company has also increased the price target for Glenmark stock to Rs 828 from Rs 795.

(With inputs from Reuters)