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MTECHTIPS;-Glenmark Pharmaceuticals gains 7% on Q2 results; brokerages maintain buy
NEW DELHI: Glenmark Pharmaceuticals Ltd surged over 7 per cent in early trade on Wednesday after the pharmaceutical company said its consolidated net profit rose by nearly three fold to Rs 156.75 crore for the quarter ended September 30, 2012. The company had posted a net profit of Rs 56.58 crore for the quarter ended September 30, 2011, Glenmark PharmaceuticalsBSE 7.31 % said in a statement At 11:10 am, Glenmark Pharmaceuticals was trading 7.48 per cent higher at Rs 425.10. It has hit a low of Rs 403.20 and a high of Rs 426.20 today. The stock has gained over 40 per cent so far in the year 2012."Revenue from the generic business was at Rs 578.39 crore for the quarter under consideration. The speciality formulations business, excluding out-licensing revenue, stood at Rs 669.74 crore for the quarter ended September 30, 2012," PTI reported. The company has a pipeline of five NCE and NBE molecules in clinical trials, including the inlicensed molecule 'Crofelemer', Glenmark said.
NEW DELHI: Glenmark Pharmaceuticals Ltd surged over 7 per cent in early trade on Wednesday after the pharmaceutical company said its consolidated net profit rose by nearly three fold to Rs 156.75 crore for the quarter ended September 30, 2012. The company had posted a net profit of Rs 56.58 crore for the quarter ended September 30, 2011, Glenmark PharmaceuticalsBSE 7.31 % said in a statement At 11:10 am, Glenmark Pharmaceuticals was trading 7.48 per cent higher at Rs 425.10. It has hit a low of Rs 403.20 and a high of Rs 426.20 today. The stock has gained over 40 per cent so far in the year 2012."Revenue from the generic business was at Rs 578.39 crore for the quarter under consideration. The speciality formulations business, excluding out-licensing revenue, stood at Rs 669.74 crore for the quarter ended September 30, 2012," PTI reported. The company has a pipeline of five NCE and NBE molecules in clinical trials, including the inlicensed molecule 'Crofelemer', Glenmark said.
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