52-week High Alert: Heavy buying witnessed as this pharmaceutical company announced stellar Q1FY24 results!
On Friday, shares of the company reached at its 52-week high of Rs 658 after surging by more than 3 per cent.
Glenmark Life Sciences Ltd is a prominent developer and manufacturer of high-value active pharmaceutical ingredients (APIs) in key therapeutic areas like cardiovascular disease, central nervous system disease, pain management and diabetes. The company also offers Contract Development and Manufacturing Organization (CDMO) services to multinational and specialty pharmaceutical firms.
With a diverse portfolio of 139 molecules, Glenmark supplies its products worldwide, including India, Europe, North America, Latin America, Japan and the rest of the world. Its four manufacturing facilities are located in Ankleshwar, Dahej, Mohol and Kurkumbh, with a combined installed capacity of 1198 KL, subject to regular inspections by global regulators like USFDA, PMDA (Japan) and EDQM (Europe).
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On July 21, 2023, Glenmark Life Sciences announced stellar Q1FY24 results in which sales of the company surged by 18.1 per cent to Rs 578.5 crore while EBITDA of the company surged by 24.8 per cent to Rs 195 crore. Similarly, net profit of the company surged by 24.6 per cent to Rs 135.5 crore as compared to Q1FY23.
The company has delivered returns of 34.6 per cent over the past year and negative returns of 15 per cent from the date of its listing in August 2021. Additionally, the company has a ROCE of 29.9 per cent and a ROE of 22.3 per cent.
On Friday, shares of the company reached at its 52-week high of Rs 658 after surging by more than 3 per cent. Additionally, the scrip had a spurt in volume by more than 4.25 times.
Investors should keep a close eye on this trending stock.
Disclaimer: The article is for informational purposes only and not investment advice.