Glenmark Pharma Share registered a huge decline on Friday. The shares of this pharma company have fallen by 5 percent that day.
The stock fell 4.8 percent, hitting a low of Rs 408.80 on the BSE. This company's stock closed at Rs 408.85, down 4.76 percent. The stock had closed at Rs 429 on the previous day. Motilal Oswal has a target price of Rs 420 on Glenmark Pharma. Motilal Oswal said that considering Glenmark Pharma's 5 percent earnings CAGR during FY18-22, we remain neutral on the stock.
The drug maker has recently registered a net profit of Rs 279 crore in the September quarter. In the same period last year, the company earned a profit of Rs 275 crore. Profit has increased in the September quarter of this financial year. The company's revenue also increased in the September quarter. The company's consolidated revenue has increased to Rs 3,375 crore, which was Rs 3,147 crore in the same quarter a year ago. In a November 16 note, Shares and Securities expects Glenmark to grow revenue by 4.8 percent, EBITDA by 6.6 percent, and adjusted PAT by 3.4 percent annually in FY22-FY24E, respectively. According to Shares & Securities, Glenmark share prices have increased 11.9 percent since our last update on August 22.
Elara Securities said that the Indian business is back on track after Covid-19. The Indian stock market opened with a decline even today. Both BSE Sensex and Nifty are trading in red marks. Today FMCG, Pharma, and Realty indices have also weakened. Today mixed signals were seen for the Indian stock market.
The stock market closed with a decline on yesterday. Sensex fell 0.14 percent or 87.12 points to close at 61,663. The Nifty closed at 18,307, down 0.20 percent of 36.25 points.