Glenmark Pharmaceuticals rose 5.08% to Rs 407.30 at 14:08 IST on BSE after the company's management said the firm is witnessing good growth in its businesses across geographies and it is confident of maintaining this trajectory in the coming quarters
Meanwhile, the BSE Sensex was down 75.13 points or 0.44% to 17,149.23.
On BSE, 2.75 lakh shares were traded in the counter as against an average daily volume of 75,706 shares in the past one quarter.
The stock hit a high of Rs 409.80 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 381.50 so far during the day. The stock had hit a 52-week low of Rs 265 on 21 December 2011.
The stock had outperformed the market over the past one month till 2 August 2012, rising 4.11% compared with the Sensex's 1% fall. The scrip had also outperformed the market in past one quarter, jumping 17.54% as against Sensex's 0.45% fall.
The large-cap pharma firm has equity capital of Rs 27.06 crore. Face value per share is Re 1.
Glenmark Pharmaceuticals' (GPL) consolidated net profit plunged 62.47% to Rs 78.27 crore on 19.83 % growth in revenue to Rs 1040.40 crore in Q1 June 2012 over Q1 June 2011. GPL said net profit for the quarter is not comparable due to out-licensing income of Rs 111.23 crore received in Q1 June 2011 and also due to marked-to-market (MTM) losses to the extent of Rs 55 crore recorded in Q1 June 2012. The company announced the first quarter results after market hours on Thursday, 2 August 2012.
Commenting on the first quarter results, Glenn Saldanha, Chairman & Managing Director, Glenmark Pharmaceuticals said, "Both our generics and specialty business registered good growth. The US business did exceptionally well recording a growth in excess of 55% on the back of product launches in niche competition categories while the India business performed well and gained market share in focus segments. We are witnessing good growth in our businesses across geographies and are confident of maintaining this trajectory in the coming quarters".
Glenmark Pharmaceuticals (GPL) is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai. It is a leading player in the discovery of new molecules, both NCEs (new chemical entity) and NBEs (new biological entity). The company has a significant presence in branded generics markets across emerging economies including India. GPL along with its subsidiary has twelve manufacturing facilities in four countries and has five R&D centres. Its subsidiary, Glenmark Generics services the requirements of the US and the Western Europe Generics business. The API business sells its products in approximately 80 countries, including the US, various countries in the EU, South America and India.
Powered by Capital Market - Live News
