Deal with Forest Labs boosts Glenmark

DALAL STREET SPIKES

Glenmark Pharmaceutical gained 20 per cent in the last two days after the company announced that it has licensed out a molecule for treatment of chronic obstructive pulmonary disorder and asthma to the US-based Forest Labs Inc.

The deal, worth up to $190 million, was signed after market hours on Thursday. The stock in Thursday's trading had also hit the 10 per cent upper circuit.

The stock again hit the 10 per cent upper circuit of Rs 235.70 Friday on the back of a strong volume of more than 73,000 on the BSE. The stock has been on an uptrend for a while now.

From a low of Rs 133.55 on June 23, 2004, the scrip has appreciated 76.6 per cent to Friday's close of Rs 235.70. The stock hit an all-time high of Rs 235.60 in intra-day trades on the NSE. The stock has a face value of Rs 2.