Business

Glenmark Pharma hits 52-week high

Shares of Glenmark Pharmaceuticals has rallied 6% to Rs 895 on the National Stock Exchange (NSE) in early morning trade after the Cabinet Committee on Economic Affairs (CCEA) permitted the company to increase the foreign institutional investors (FIIs) investment limit from 35.07% to 49%.

Meanwhile, in a BSE filing Glenmark Pharmaceuticals said that its subsidiary Glenmark Generics Inc., USA has concluded the pricing investigation by the Texas Attorney General, USA.

Under the terms of the agreed settlement, there is no admission of liability. Glenmark Generics will make a payment in 16 equal payments of $ 1.56 million each quarter for the next 16 quarters to the state of texas.

“The settlement amount will not materially impact the organization’s cash flow.” said Robert Matsuk, President, North America and Global API Business, Glenmark.

“We remain committed to continuing our mission of providing our customers with the finest generic pharmaceutical products in the US and complying with all applicable state and federal pricing requirements” said Robert Matsuk.

The stock opened at Rs 879 and touched a 52-week high of Rs 901 on the NSE. A combined 1.43 million shares changed hands on the counter till 0953 hours on the NSE and BSE.