Strong selling pressure was seen in Makind Pharma stock after the deal as more than 2.15 crore shares traded on the NSE around 9:40 am. The traded value of the shares stood at Rs 3,964.18 crore around this time.
The domestic business reported a robust 14% YoY growth in the quarter. The secondary sales saw an impressive growth of 12.5%, thereby outperforming the industry by 1.5 times. The company registered a volume growth of 4.3%, compared to the industry growth of 1.4%.
Investors are scrambling to purchase shares in drug and condom maker, Mankind Pharma Ltd., which has had the most analyst coverage of any new Indian stock in 12 years after its highly successful May IPO. The shares have surged by 57% since being listed, driving its market value above $8bn. The firm has attracted nine buy ratings and one hold. While the majority of analysts recommend buying shares, the consensus price target is already 10% below the current value due to its stellar run.
Mankind Pharma’s branded prescription business grew 18 per cent YoY in Q4 , driven by core therapies of Anti-Infective, Respiratory and GI. Its Consumer Healthcare business grew 10 per cent YoY on account of higher rural penetration.
Mankind Pharma shares: Income Tax (I-T) department has conducted searches at Mankind Pharma's New Delhi offices. Sources told the media house that the action is likely to continue for 1-2 days.