India's Glenmark Life Sciences at near 17-month high on buyout report

Alivus Life Sciences

12/06/2023 05:32

** Shares of Indian drugmaker Glenmark Life Sciences Ltd
 GLEM.NS  rise as much as 4.1% at 614.65 rupees, their highest
since Jan 17, 2022 
    ** Stock posts steepest intraday gain since June 7 
    ** Local media reported Sekhmet Pharmaventures, Nirma Group
are competing to acquire co 
    ** Glenmark did not immediately respond to a Reuters request
for comment 
    ** Co shares trading above 50-day and 100-day simple moving
averages, indicating bullish trend 
    ** All five analysts eyeing the stock rate it "buy" or
higher, median PT 600 rupees 
    ** Glenmark stock up 45%, YTD 
    

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))