Buy Glenmark Pharma With Stop Loss Of Rs 294
Technical analyst Sudarshan Sukhani has maintained 'buy' rating on Glenmark Pharmaceutical Limited stock with a target of Rs 312.
The analyst said that the investors can buy the stock with a stop loss of Rs 294.
The shares of the company, on April 18, closed at Rs 299.30 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 389.75 and a low of Rs 253.95 on BSE.
Current EPS & P/E ratio stood at 17.74 and 16.83 respectively.
Glenmark Pharmaceuticals has inked an exclusive licensing agreement with Canada-based Immanence-IDC to market the latter's anti-aging cosmeceutical variety of products in eight nations.
Glenmark's 10-year contract with Immanence-IDC will cover up eight nations that comprises India, Brazil, Mexico, South Africa, Egypt, Vietnam, Malaysia and Thailand.
In a declaration, Glenmark Pharmaceuticals COO, Mr. Arvind Vasudeva, stated, "This association marks a new beginning for us in one of the fastest growing segments in dermatology."
Mr. Arvind said that the alliance would allow the firm to strengthen its leadership place in dermatology across these sections.
The Immanence-IDC Board Chairman, Mr Eric Dupont, stated, "This 10-year agreement with Glenmark will open new markets for us and through a network of more than 1.5 lakh dermatologists, it will allow us to reach more than 1.5 billion people."
The Immanence-IDC President and CEO, Mr. Luc Dupont stated that with the contract with Glenmark, the company's products would be accessible in more than 12 nations.