India's Glenmark Life gains after Kotak's double upgrade

Kiplin Metals

28/10/2024 09:04

** Shares of Glenmark Life Sciences  GLEM.NS  climb 3.5% at
971.20 rupees 
    ** Brokerage Kotak Institutional Equities upgrades stock to
"Buy" from "Reduce"
    ** GLEM's near-term outlook is intact as it continues to
step up investments in capacity addition under Nirma, brokerage
says
    ** Adds, new client wins in ts contract manufacturing
segment, along with a rich API portfolio will be key growth
drivers for the company in near term
** GLEM's stock fell 10% last week after downbeat Q2 results due
to a temporary shutdown of its biggest manufacturing facility in
Gujarat 
    ** Analysts' avg rating on GLEM at "buy"; peers Laurus Labs
 LAUL.NS  and Divi's Laboratories  DIVI.NS  rated "Hold" - LSEG
data
    ** GLEM's ~48% YTD gain bigger than LAUL's ~15% climb but
smaller than DIVI's ~49% rise
     

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