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Mumbai: Newest market debutant Gland Pharma rose more than 7 per cent on Wednesday, logging nearly 47 per cent gains over its issue price of Rs 1,500.
At 9:50 am, Gland Pharma shares were up 7.43 per cent at Rs 2,199.40 on BSE.
The stock was listed on November 20, and it has gained in the two of the last three trading sessions.
On November 23, Ambit Capital initiated coverage of the stock with a buy rating and a price target of Rs 2,109, which was breached the same day. The brokerage pointed out that the company’s balance sheet remains healthy despite growth momentum with FY20 pre-tax ROCE at 31 per cent.
“Chinese parentage offers newer growth and RM (raw material) sourcing avenues, but geopolitical issues could result in operational challenges,” Ambit analysts said in a note.
Gland Pharma’s Rs 6,480 crore IPO was the biggest by a pharma company in the domestic market. While the issue had strong support from institutional investors, it received a lukewarm response from retail and HNI investors.
At 9:50 am, Gland Pharma shares were up 7.43 per cent at Rs 2,199.40 on BSE.
The stock was listed on November 20, and it has gained in the two of the last three trading sessions.
On November 23, Ambit Capital initiated coverage of the stock with a buy rating and a price target of Rs 2,109, which was breached the same day. The brokerage pointed out that the company’s balance sheet remains healthy despite growth momentum with FY20 pre-tax ROCE at 31 per cent.
“Chinese parentage offers newer growth and RM (raw material) sourcing avenues, but geopolitical issues could result in operational challenges,” Ambit analysts said in a note.
Gland Pharma’s Rs 6,480 crore IPO was the biggest by a pharma company in the domestic market. While the issue had strong support from institutional investors, it received a lukewarm response from retail and HNI investors.
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