India's Glenmark Life eyes worst day ever after downbeat Q2 results

Kiplin Metals

25/10/2024 07:51

** Shares of Glenmark Life Sciences  GLEM.NS  drop 10% to
936.90 rupees
    ** Stock set for worst day ever if losses hold
    ** API maker's Q2 profit fell ~20% YoY, rev from ops down
~15% YoY
    ** GLEM said temporary closure of a manufacturing facility
in Gujarat hurt revenue across geographies
    ** Trading volume at 2.1x the 30-day moving avg 
    ** Analysts' avg rating on GLEM at "buy"; peers Laurus Labs
 LAUL.NS  and Divi's Laboratories  DIVI.NS  rated "hold" - LSEG
data
    ** GLEM's 43% YTD gain bigger than LAUL's ~10% climb but
smaller than DIVI's ~48% rise


 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))