Stock Market Today: Multibagger Glenmark Pharmaceuticals share price gained more than 8% during intraday trades on Monday as the stock inched closer towards its 1 year high. The company announced successful completion of USFDA inspection of its Aurangabad facility
Glenmark Pharmaceuticals share price opened at 1706.00 on the BSE on Monday almost 5% higher than previous close of ₹1625.40. The Glenmark Pharmaceuticals share price thereafter further gained to scale intraday highs of ₹1763.90 marking gains of 8.5%.
The Glenmark Pharmaceuticals share price is trading very close to its 1 year or 52 week highs of ₹17773.95.
The Glenmark Pharmaceuticals share price has doubled year to date during 2024 and has risen more than 118% in 1 year giving Multibagger returns to the investors.
The Glenmark Pharmaceuticals in its release on the exchanges said that the U.S. FDA has issued Form 483 with zero observations after an inspection at the Company’s formulation manufacturing facility based out of Chhatrapati Sambhaji Nagar (Aurangabad), India between September 09 and September 20, 2024
The success with the USFDA inspection remains important for continued exports to the US markets. Various pharmaceutical companies facing delays in regulatory clearances from the US drug regulator also see growth in the US markets getting hampered. The new launches get delayed while escalation of regulatory issues even sometimes leads export getting completely stopped.
The Glenmark Pharmaceuticals however now has no issues with the USFDA pertaining to its Aurangabad facility removing any over hang and any concern that may have been pertaining to Aurangabad facility inspections
The Glenmark Pharmaceuticals remains in spotlight having seen strong growth in the domestic market too. During the month of August, Glenmark Pharmaceuticals growth of close to 13.5% was among the strongest in the pharmaceutical companies. The Glenmark Pharmaceuticals sales grew at faster pace compared to Indian Pharma Market growth of close to 8%
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