India's Alkem Laboratories rises on Q2 profit jump

Alkem Laboratories

07/11/2023 09:04

** Shares of Alkem Laboratories  ALKE.NS  rise as much as
5.4% to 4,030.40 rupees, mark sharpest intraday pct gain since
July 25
    ** Co reports near-88% Y/Y jump in Q2 consolidated net
profit, while rev from ops up nearly 12% 
    ** ALKE's India business, which contributed 68.8% of the
total Q2 sales, grew 5% Y/Y
    ** Co's U.S. business, contributing 22.7% of total Q2 sales,
grew 27.1% Y/Y
    ** Stock one of the top gainers in Nifty pharma index
 .NIPHARM , which is up 1.2%
    ** Aug rating of 23 analysts close to equivalent of "hold",
median PT is 3,600 rupees - LSE data
    ** Stock up ~34% YTD, outperforming ~21% gain in Nifty
pharma index 


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))