GSK Pharma shares surge 14% after Q1 results

New Delhi: Shares of GlaxoSmithKline Pharmaceuticals on Tuesday zoomed nearly 14 percent after the company reported standalone net profit of Rs 88.59 crore for the first quarter of the current fiscal.

The stock rose sharply by 13.91 percent to end at Rs 3,150.90 on BSE. During the day, it jumped 17.45 percent to Rs 3,249 -- its 52-week high.

On NSE, shares of the company advanced by 13.57 percent to settle at Rs 3,158.

The company's market valuation soared Rs 3,260 crore to Rs 26,689 crore.

It had posted a net profit of Rs 26.42 crore for April-June quarter of last fiscal, 2017-18, GlaxoSmithKline said in a filing to BSE today.

The company's standalone total income was Rs 753.43 crore for the first quarter of 2018-19. It was Rs 620.84 crore for the year-ago period.

It said the figures for the quarter ended June 30, 2018-19 are not comparable with the corresponding quarter of last fiscal.

The board has approved and recommended a bonus issue of one equity share for every equity share held as on a record date to be determined, GlaxoSmithKline said.