Glenmark Pharma shares gain nearly 5% on bourses

Shares of Glenmark Pharmaceuticals rose by nearly 5 per cent today as the pharmaceutical major's foreign investment proposals were approved by the government.
The stock settled the day with a gain of 4.69 per cent at Rs 884 on the BSE. In intra-day, it rallied 6.72 per cent to Rs 901.20 -- its 52-week high.
On the NSE, the company's scrip rose by 4.22 per cent to end at Rs 879.80.
Pharmaceutical majors Glenmark and Aurobindo's foreign investment proposals, worth Rs 4,187 crore, were approved by the government yesterday.
Shares of Aurobindo Pharma however, reversed all its initial gains and ended 2.62 per cent lower at Rs 1,323.15 on the BSE on profit-booking.

The decision was taken by the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi.
Glenmark Pharmaceuticals had sought to raise the cap of foreign institutional investor holding to 49 per cent from present 35.07 per cent. The move would facilitate the drug firm's bringing in Rs 2,022 crore of foreign funds into the country.
On the other hand, Hyderabad-based Aurobindo Pharma proposed to bring in Rs 2,165 crore worth foreign investments by Qualified Institutional Buyers.