Glenmark Pharma jumps 7% on over two-fold rise in Q1 profit1 min read . Updated: 17 Aug 2020, 12:31 PM IST
On the BSE, the Glenmark stock jumps by 6.96% to Rs508.50. On the NSE, it rises 7% to Rs509
NEW DELHI : Drugmaker Glenmark Pharmaceuticals Ltd’s stock rose 7% in early trade on Monday after the company reported strong earnings for the first quarter ended 30 June of fiscal year 2020-21.
On the BSE, the Glenmark stock jumped by 6.96% to Rs508.50. On the NSE, it rose 7% to Rs509.
The pharma major on Friday posted an over two-fold rise in its consolidated net profit at Rs254.04 crore for the June quarter of FY21.
At 12:06 pm, shares of Glenmark Pharmaceuticals were trading at Rs485, up 2.02% from its previous close, on the BSE, while the BSE Sensex rose 0.13% at 37,927.03.
On the NSE, the stock was trading at Rs485, 1.96% higher, while the Nifty 50 index was at 11,209.15, up 0.28%.
“It has been a challenging quarter across all markets due to the ongoing pandemic. Despite the difficult operating environment, we managed to record sales growth for the organization, said Glenmark Pharmaceuticals chairman and MD Glenn Saldanha in a statement on Friday.
“We focussed on controlling costs on all fronts and will continue with these efforts for the remaining part of the financial year," Saldanha also said.
Glenmark Pharmaceuticals is the first company in the country to launch Favipiravir for the treatment of mild to moderate Covid-19 patients.