Glenmark Pharmaceuticals close over 1% higher, trims most of early gains

New Delhi: Trimming most of its early gains, shares of Glenmark Pharmaceuticals closed the day over 1 per cent on Monday.

Glenmark stocks closed 1.16 per cent higher at Rs 480.90 on BSE. On the NSE, it closed with a gain of 1.48 per cent at Rs 482.75.

During the day, the scrip had jumped 6.96 per cent to Rs 508.50 on the BSE. 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 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 organisation. We focussed on controlling costs on all fronts and will continue with these efforts for the remaining part of the financial year” said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals Ltd.

He further added, “We are glad that we were the first company in India to launch Favipiravir for the treatment of mild to moderate COVID-19. Today thanks to Glenmark’s clinical trials, many other companies could also launch this molecule, thereby reducing cost of treatment. Our fight against COVID-19 will continue and we will continue to innovate in this space to explore other promising treatment options”.