Mankind Pharma shares rise up to 5% on strong Q4, fundraising plan
The board of the homegrown pharma company has approved raising of funds worth ₹7,500 crore via issuance of equity shares.
The board of the homegrown pharma company has approved raising of funds worth ₹7,500 crore via issuance of equity shares.
Three private equity funds, namely Chrys Capital, Capital Group, and Everbridge Partners, were reportedly looking to sell stakes worth $592 million in Mankind Pharma via the block deal.
The firm global cues and positive trade at GIFT Nifty indicate a gap up opening for the BSE Sensex and NSE Nifty on Tuesday.
Mankind Pharma has reported 19.4% YoY rise in profit at ₹501.03 cr in Q2 FY24, while revenue from operations jumped 11.6% to ₹2,708.10 cr.
The stellar run continues post-Covid as promoters reap benefits of growth in India and new launches in key markets.
The pharma major reported 66% YoY growth in net profit at ₹494 crore, while sales rose 18% YoY to ₹2,579 crore in Q1FY24.
Snapping five sessions gaining streak, shares of HDFC and HDFC Bank fell over 3% each as investors resorted to profit booking after recent rally.
In the Nifty 100 index, HDFC will be replaced by Jindal Steel, and by Mankind Pharma in Nifty 500 index.
The newly listed pharma company reported 52% growth in profit at ₹294 crore, while revenue from operations rose 19% to ₹2,053 crore in Q4FY23.
The pharma stock, which made its market debut on May 9, has fallen as much as 9% in the last two sessions.