Shares in Glenmark Pharmaceuticals continue its gains for the third straight trading session, on Monday. At 11.20-am, Glenmark share price quoted at Rs.346.60- up by over 15 percent from its previous closing on the NSE.
This significant rise comes after CLSA brokerage upgraded Glenmark stock from SELL to BUY and also hiked the price target (PT) from Rs350/- to Rs410/-
Remarkably, the stock has been advancing in the trade since the announcement of its financial-results for the second-quarter FY-2019-20. The Company had reported an 8-pc increase in its profit for the Sept-ended quarter at Rs.255.45-Cr.
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The rating upgrade was also in the light of strong earning results and an attractive valuation. Further, the company’s sales in the United-States were also seen strong in comparison to the previous quarter, while domestic sales performance too continued to grow above the industry average.
The CLSA has also increased the earnings per share (EPS) target for the stock for the fy 2021-22 by 3 times to 22%.
Reacting to these developments, shares of Glenmark Pharmaceuticals which opened at Rs.310.40 rose an intraday high at Rs 349.50-per share are is currently (at 11.20-am) quoted at Rs.346.60, up Rs.45.60 or 15.15% from the previous closing on the NSE.
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Meantime, markets trimmed their opening gains, with the Sensex quoting at 40246-level, down 110 points and the Nifty at 11,872.85, down 22-points.