Nicomac Machinery and RP Advisory Services are looking at raising Rs 1,400 crore through the sale, and have set the floor price for the same at Rs 1,725/share. The floor price is at a discount of over 7% to the current market price of the stock. On Monday, shares of Gland Pharma ended nearly 6% higher on the NSE at Rs 1,856.
Even as Motilal Oswal Securities has upped its target price for Gland Pharma to Rs 1,560, it was short of Rs 1,612.60, the level drug maker settled at on Tuesday.
Gland Pharma share price: The counter's 14-day relative strength index (RSI) came at 16.61. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 22.73. It has a price-to-book (P/B) value of 2.22.
Gland Pharma shares plummeted nearly 20% on Monday, taking its two-day fall to 34%. Watch this Visual Story to see if you should buy the dip in Gland Pharma share price.
Gland Pharma's stock plunged to a 52-week low of Rs 1070.8, after falling 20 per cent on BSE. The shares of Gland Pharma were locked in the lower limit.