Glenmark Pharmaceuticals rose 2% to Rs 346.50 after the company said its Baddi unit in Himachal Pradesh received Good Manufacturing Practice certificate by European drug regulator.
The Baddi manufacturing unit of Glenmark Pharmaceuticals was inspected by the leading European regulator, SUKL (State Institute for Drug control), Czech Republic in the week of 21 October 2019.
The regulator issued a certificate of compliance for the facility stating that it complies with the principles and guidelines of Good Manufacturing Practice laid down in the directive 2003/94/EC which stipulates the requirements to fulfil GMP recommendations of World Health Organisation (WHO). The announcement was made during market hours today, 16 December 2019.
The Nifty 50 index was down 4.65 points or 0.04% at 12,082.05.
On the technical front, the stock's RSI (relative strength index) stood at 60.210. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
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The stock was trading marginally below its 100-day moving average (DMA) placed at Rs 351.69 and below its 200-day moving average (DMA) placed at Rs 461.88. Both these levels will act as a resistance in the near term.
On a consolidated basis, Glenmark Pharmaceuticals' net profit fell 17.2% to Rs 255.50 crore on 8.8% rise in net sales to Rs 2,763.73 crore in Q2 September 2019 over Q2 September 2018.
Glenmark Pharmaceuticals is engaged in the development of new chemical entities (NCEs) and new biological entities (NBEs).
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