At 9:30AM, Today, Glenmark Pharma shares surged by 7.15%, reaching ₹1,753.80 in early trade, after two positive developments. Firstly, Investec initiated a bullish valuation for the stock, noting it trades at an inexpensive 25xFY26E/21xFY27E compared to the average of 30xFY26E/28xFY27E for its peers, with a target price of ₹1,900.
Additionally, Glenmark successfully completed a USFDA inspection at its formulation manufacturing facility in Chhatrapati Sambhaji Nagar, Aurangabad, with no observations made, signaling compliance with global standards. These factors have bolstered investor confidence, driving the stock higher.
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