Glenmark climbs 3% on bullish management guidance

NEW DELHI: Shares of Glenmark gained about 3 per cent in Wednesday's trade after the company provided a bullish guidance of 18-20 per cent growing in base business for the next 10 years. In a filing to the bourses, the company said, "it would build a global leadership position across core therapy areas of dermatology, respiratory and oncology."

Brokerage firm Credit Suisse also upgraded the stock to neutral rating from underperform, raising its target price for the stock to Rs 900 from Rs 805. Reacting to the management guidance, the scrip climbed 3.11 per cent to hit a high of Rs 876.

The drug firm aims to transition itself to an innovative company with 30 per cent of revenues generated from the innovative portfolio by 2025. It plans to focus on organic growth and leverage internal capabilities and commercial footprint across markets, the company said.