Moneycontrol
Last Updated : Dec 03, 2018 11:44 AM IST | Source: Moneycontrol.com

Glenmark Pharma rises 2% as Nomura maintains buy, hike target to Rs 850

Out-licensing deals, key ANDA approvals and strong India growth are the main catalysts according to Nomura.

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Share price of Glenmark Pharma added 2.5 percent intraday Monday as broking house Nomura has maintained buy rating and increased target to Rs 850 from Rs 825 per share.

The broking firm remain constructive due to strong domestic growth and progress in clinical development.

It hike FY19 EPS estimates by 22 percent to factor in forex and in licensing income in H1.

Out-licensing deals, key ANDA approvals and strong India growth are the main catalysts according to Nomura.

At 11:38 hrs Glenmark Pharma was quoting at Rs 656.40, up Rs 3, or 0.46 percent on the BSE.

The share touched its 52-week high Rs 711.55 and 52-week low Rs 483.60 on 10 September, 2018 and 30 May, 2018, respectively.

Currently, it is trading 7.75 percent below its 52-week high and 35.73 percent above its 52-week low.

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First Published on Dec 3, 2018 11:44 am
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