 "Glenmark Pharma hits record high")
Shares of Glenmark Pharmaceuticals moved higher by 5% to Rs 918, also its record high on the National Stock Exchange (NSE), on back of heavy volumes.
The stock opened at Rs 873 and touched a low of Rs 862 on the NSE in early morning trade. Till 1453 hours, a combined 1.87 million shares changed hands on the counter against 1.3 million shares that were traded daily on the NSE and BSE.
On Friday, April 10, 2015, the drug maker had received United States Food & Drug Administration (USFDA) nod for oral contraceptive tablets Levonorgestrel and Ethinyl Estradiol.
Lybrel is indicated for prevention of pregnancy for those who go for oral contraceptives as a method of contraception, the Glenmark Pharmaceuticals said in a filing.
It plans to commence shipping of tablets Levonorgestrel and Ethinyl Estradiol, 0.09 mg/0.02mg immediately, it added.
Surajit Pal analyst at Prabhudas Lilladher upgrades recommendation on the stock to ‘buy’ and increase target price to Rs 1,186.
Glenmark has seen a steady performance over the last few years and we expect them to be in a favourable position going forward to gain from a large number of approvals in the USA and the US sales is expected to grow at a compound annual growth rate (CAGR) of 33% for the next three years, analyst said in a report dated April 1, 2015.
The stock opened at Rs 873 and touched a low of Rs 862 on the NSE in early morning trade. Till 1453 hours, a combined 1.87 million shares changed hands on the counter against 1.3 million shares that were traded daily on the NSE and BSE.
On Friday, April 10, 2015, the drug maker had received United States Food & Drug Administration (USFDA) nod for oral contraceptive tablets Levonorgestrel and Ethinyl Estradiol.
Lybrel is indicated for prevention of pregnancy for those who go for oral contraceptives as a method of contraception, the Glenmark Pharmaceuticals said in a filing.
It plans to commence shipping of tablets Levonorgestrel and Ethinyl Estradiol, 0.09 mg/0.02mg immediately, it added.
Surajit Pal analyst at Prabhudas Lilladher upgrades recommendation on the stock to ‘buy’ and increase target price to Rs 1,186.
Glenmark has seen a steady performance over the last few years and we expect them to be in a favourable position going forward to gain from a large number of approvals in the USA and the US sales is expected to grow at a compound annual growth rate (CAGR) of 33% for the next three years, analyst said in a report dated April 1, 2015.