India's Glenmark Life Sciences eyes best week ever on 48% Q4 profit jump

Alivus Life Sciences

28/04/2023 05:26

** Shares Glenmark Life Sciences Ltd  GLEM.NS  surge as much
as 9.5% to 525 rupees - their highest since April 25, 2022   
    ** If trend holds, GLEM set for highest weekly rise ever in
its fifth straight week of gains 
    ** GLEM's Q4 profit soars 48%, revenue from operations jumps
nearly 21%
    ** Earnings boosted by growth in mainstay business of making
active pharmaceutical ingredients (API) for drugs
    ** Glenmark Pharmaceuticals  GLEN.NS , from which GLEM was
spun off in 2019, rises 2% to be the top gainer on the Nifty
pharma index  .NIPHARM , which is up 0.42%
    ** GLEM most active in more than six months, with the
trading volume at over 1 mln shares as of 9:53 a.m. IST, 5.5x
the 30-day avg 
    ** Relative strength index of GLEM at 83, suggesting stock
may be overbought - Refinitiv data
    ** Including Friday's gains, co has risen nearly 32% YTD 
    
($1 = 81.7630 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))