Glenmark Pharma to sell 7.84% stake in Glenmark Life via OFS

The decision was made at a meeting held today, and the company informed about the development after market hours.

closed today at Rs 1,382, up Rs 22.95 or 1.69%. The stock also reached a new 52-week high of Rs 1,385. This marks a continuous rally over the past seven trading sessions, resulting in gains of approximately 10% during this period.

shares have given multibagger returns of 108% over the past 12 months, outperforming Nifty by nearly four times. The broader index has returned 25% in the said period.

The stock is currently trading above its 50-day and 200-day simple moving averages (SMAs) of Rs 1,150 and 936, respectively according to Trendlyne data. The day's momentum indicators RSI and MFI are hovering in the strongly overbought zone of 77 and 79. A number above 70 is considered overbought while below 30 is seen as oversold.

Glenmark Pharma had reported a net loss of Rs 121 crore in the fourth quarter ended March 31, due to declining sales in the US and exceptional items. The drugmaker reported a net loss of Rs 34.5 crore in the corresponding quarter of the previous year.

Revenue for the quarter stood at Rs 3,063 crore against Rs 3000.5 crore, a 2.1% YoY uptick.

The adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) rose to Rs 504.3 crore YoY in the fourth quarter compared to Rs 398 crore in the the year- ago period.