Alkem Laboratories' shares worth as much as Rs 487 crore were sold in block deals on August 22, with the company's promoters being the likely sellers. Around 8.5 lakh shares, making up a 0.7 percent stake in the drugmaker changed hands at a floor price of Rs 5,732 apiece.
Post the block deals, at 09.34 am, shares of Alkem Labs were trading at Rs 5,786.05 on the NSE.
While Moneycontrol could not immediately verify the buyers and sellers in the transaction, CNBC-TV18 reported on August 21 that the company's promoter was looking to sell a 0.7 percent through block deals, aiming to bag Rs 477.36 crore.
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As for the end of the April-June quarter, the promoters held a cumulative 56.38 percent stake in Alkem Laboratories.
Meanwhile, the drugmaker reported a nearly twofold surge in its net profit for the fiscal first quarter, driven by robust domestic sales. The net profit for the quarter gone by rose to Rs 545.16 crore, up from Rs 286.73 crore in the same period last year. Revenue also grew marginally to Rs 3,031.82 crore, compared to Rs 2,967.72 crore in the previous year.
It recorded domestic sales of Rs 2,022.3 crore, marking a 6.4 percent year-on-year growth. As a result, the share of domestic sales in the company's total revenue rose to 67.6 percent in Q1 FY25, up from 65.2 percent last year. However, international sales declined by 4.6 percent to Rs 967.7 crore.
Furthermore, the company has been in the spotlight amid speculation that it is competing with major global private equity firms like KKR, Apax Partners, and TPG Capital to acquire Sahajanand Medical Technologies (SMT), India's largest cardiac stent maker, at a valuation between Rs 3,500 crore and Rs 4,000 crore, according to a report by the Economic Times.
Also Read | KKR, TPG, Alkem Labs in race to acquire stent maker SMT: Report
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