Glenmark Pharmaceuticals gained more than 8% intraday on Monday after global research firm CLSA upgraded the stock to "buy" from "sell", according to media reports.
As per media sources, CLSA raised the company's price target to Rs410 from Rs350/share.
CLSA said that the company's Q2FY20 results exceeded estimates, and all geographies witnessed year-on-year growth for the first time in over three years.
The brokerage house has increased FY20-22 EPS by 3% and 22%, sources added.
Glenmark Pharmaceuticals Ltd is currently trading at Rs347.20 up by Rs46 or 15.27% from its previous closing of Rs301.20 on the BSE.
The scrip opened at Rs308 and has touched a high and low of Rs350.35 and Rs308 respectively. So far 1,41,94,837 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs8,499.67cr.
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