India's Gland Pharma down on reports Fosun to pare 5% stake in co

Gladstone Capital

19/06/2024 05:49

** Shares of generic injectables maker Gland Pharma
 GLAD.NS  fall as much as 3.5% to 1,776 rupees; last down 1.3%
    ** Fosun Pharma Industrial to pare 5% stake in GLAD through
block deals for about $172 mln, according to reports
    ** Fosun, owned by China's Shanghai Fosun Pharmaceutical
Group  600196.SS , will sell shares at a 4.9% discount to last
closing price, reports add
    ** GLAD on track for sixth straight session of losses
    ** Stock among top losers on Nifty Pharma Index  .NIPHARM ,
which is up 0.2%
    ** Busiest session for GLAD since May 2023 after the stock
beat fourth-qtr rev estimates; trading vols. at about 1.1 mln
shares, nearly four times the 30-day avg. 
    ** Twelve analysts, on average, rate stock "hold", with
median PT of 1,872.50 rupees - LSEG data
    ** Stock down ~6% YTD vs. an ~18% rise in Nifty pharma index


 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))