India's Glenmark Pharma at over 1-yr high after report on API unit stake sale

Alivus Life Sciences

11/04/2023 07:08

** Shares of Glenmark Pharmaceuticals Ltd  GLEN.NS  rise as
much as 1.6% to 495.45 rupees, their highest since Feb. 11, 2022
    ** GLEN weighing sale of majority stake in active
pharmaceutical ingredients (API) business Glenmark Life Sciences
Ltd  GLEM.NS , newspaper Mint reports, citing people aware of
the matter
    ** As on Dec. 31, 2022 GLEN holds 82.84% stake in GLEM
    ** Glenmark Pharma did not immediately respond to Reuters
request for comment
    ** Stock up for sixth straight session – on track for
longest winning streak since Dec. 7, 2020 – should gains hold
    ** More than 639,000 shares change hands by 11:28 a.m. IST,
0.6x their 30-day avg volume
    ** Seventeen analysts covering the stock rate it "buy" on
average; median PT is 472 rupees - Refinitiv data
    ** Stock currently up 0.5%, extending YTD gains to 15.6%


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))