Glenmark Pharmaceuticals shares trim most of early gains; close over 1 pc higher

In early trade, Glenmark Pharma shares had gained 7 per cent after the company posted an over two-fold increase in consolidated net profit for the first quarter ended June. The stock, which rose 6.96 per cent to Rs 508.50 during the day on the BSE, later closed 1.16 per cent higher at Rs 480.90.

Shares of Glenmark Pharmaceuticals on Monday trimmed most of their early gains and closed the day over 1 percent higher on profit-booking. In early trade, Glenmark Pharma shares had gained 7 percent after the company posted an over two-fold increase in consolidated net profit for the first quarter ended June.

The stock, which rose 6.96 percent to Rs 508.50 during the day on the BSE, later closed 1.16 per cent higher at Rs 480.90. On the NSE, it closed with a gain of 1.48 percent at Rs 482.75. During the day, the scrip had jumped 7 percent to Rs 509.

In volume terms, 7.95 lakh shares were traded on the BSE during the day, while over 1 crore shares were traded on the NSE. Glenmark Pharmaceuticals on Friday posted an over two-fold increase in consolidated net profit at Rs 254.04 crore for the quarter ended June.

The company had reported a net profit of Rs 109.28 crore in the April-June period of 2019-20. Consolidated revenue stood at Rs 2,344.78 crore for the first quarter, as compared with Rs 2,322.87 crore in the year-ago period, Glenmark Pharmaceuticals said in a regulatory filing.

"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. "We focussed on controlling costs on all fronts and will continue with these efforts for the remaining part of the financial year," Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said.

The company was the first entity in the country to launch Favipiravir for treatment of mild-to-moderate COVID-19, he noted.