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Last Updated : Jun 19, 2019 01:42 PM IST | Source: Moneycontrol.com

Granules India jumps 9% after chairman expects pledge shares to go down further

Krishna Prasad Chigurupati, Chairman & MD, Granules India told CNBC-TV18 that currently, promoter pledge is at 43 percent and in the next few weeks, it is going to go down

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Shares of Hyderabad-based pharma company Granules India rallied 9.5 percent intraday on June 19 after company's chairman said it expects pledge on shares to reduce in coming weeks.

The stock was quoting at Rs 96.85, up Rs 5.60, or 6.14 percent with high volumes on the BSE at 1318 hours IST.

Krishna Prasad Chigurupati, Chairman & MD, Granules India told CNBC-TV18 that currently, promoter pledge is at 43 percent and in the next few weeks, it is going to go down.

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"The plan is to go down by another 10 percent, we have made some arrangements but there is a slight delay and we expect it will happen in a few more weeks," he said.

He further said debt, when the company started the year was at Rs 978 crore.

"The long-term borrowings are going down but short-term borrowings are going up due to inventory build-up in the US. Our gross debt was Rs 991 crore in FY19 and now we are working on building more efficiency in our working capital and we may also reduce our short-term debt by a smaller amount," Prasad added.

He expects 5-6 drug approvals this year and around 12 approvals next year.

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First Published on Jun 19, 2019 01:42 pm
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