Glenmark Pharma shares jump nearly 6% to hit fresh 52-week high after Q1 net profit surges 96%

Glenmark Pharm stock rose to a fresh high of Rs 1576 per share on the NSE, rising 5.69 percent.

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Glenmark Pharmaceuticals Ltd share price advanced nearly 6 per cent in August 16 trading session to hit a fresh 52-week high after the company reported 96 percent rise in the consolidated net profit.

Glenmark Pharma stock rose to a fresh high of Rs 1,576 on the National Stock Exchange (NSE), rising 5.69 per cent from its previous close of Rs 1,491.20 apiece. On the BSE, it touched 1,567 per share, a high of 5.1 per cent.

The stock has been gaining for the last two days and has risen 6.48 per cent in the period. In the first quarter earnings for the current fiscal ended June 30, the drugmaker reported a consolidated net profit of Rs 340 crore, a surge of 96 percent from Rs 173 crore in the year-ago period.

For the quarter under review, the company's consolidated revenue from operations stood at Rs 3,244 crore as compared to Rs 3,036 crore in the June quarter last year.

As per the data available on the NSE, the stock is trading higher than 5-, 20-, 50-, 100- and 200- day moving averages.

The stock has delivered multibagger returns of 299.64 per cent in the last two years, as per BSE Analytics data. It went up by 81.83 per cent in 2024 so far.

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