Glenmark Pharmaceuticals shares climbed over 2% after HSBC maintained its buy rating on the stock, setting a target price of ₹2,380 per share. The brokerage highlighted the company’s progress in innovation, steady debt reduction, and upcoming regulatory approvals as key drivers for growth.
HSBC noted that Glenmark Innovation (IGI), the company’s research-focused subsidiary, is expected to become a self-funding unit. This means Glenmark Pharma can continue developing new treatments without putting extra pressure on its balance sheet.
The brokerage also pointed to near-term positives, including the US FDA clearance of Glenmark’s Monroe manufacturing plant and approval for its Flovent respiratory therapy, which could boost earnings visibility and growth in the coming quarters.
Glenmark Pharmaceuticals shares opened at ₹1,938, touched a low of ₹1,929 and a high of ₹1,963.10 during the day, and is currently trading at ₹1,967.80, as of 9:47 AM. Over the past year, shares have ranged between a 52-week low of ₹1,275.50 and a high of ₹2,284.80.
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