India's Morepen Laboratories surges as profit triples in June quarter

Morepen Laboratories

07/08/2023 08:22

** Shares of Morepen Laboratories  MORL.NS  surge as much as
14.59% to a near seven-month high of 34.95 rupees
    ** The pharmaceutical firm's net profit almost triples
year-on-year to 145.33 mln rupees in June quarter
    ** Revenue jumps ~33% to 4.01 bln rupees; EBITDA nearly
doubles to 260.89 mln rupees
    ** Co reappoints Sushil Suri as the Chairman and Managing
Director for a further three-year period, effective from Oct.
20, 2023
    ** Relative strength index rises above 70, suggesting the
stock may be overbought
    ** Stock most active in nearly two months, with a trading
volume of 21.71 mln shares as of 12:42 p.m. IST, nearly seven
times the 30-day avg - Refinitiv data
    ** Including Monday's gains, MORL down 11.49% in 2023 so
far, compared to 22.35% rise in pharma index  .NIPHARM 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))