Marksans Pharma shares jump 8% to hit 52-week high today
Published On: Wednesday, January 11, 2023 | By: Team KnowMyStock
Shares of Marksans Pharma surged more than 8 percent and hit a 52-week high of Rs 67.40 in Wednesday's trade, extending their gains for the third straight session amid heavy volumes, after the company announced that its Board will consider and allot fully paid-up equity shares against convertible warrants to the promoter and OrbiMed Asia. Its previous close was Rs 62.25. The company, in an exchange filing, said that a board meeting would be held on January 20 to consider and allot fully paid-up equity shares. per an exchange filing, promoter Mark Saldanha will be allotted 10 lakh equity shares at Rs 74 apiece. OrbiMed Asia IV Mauritius FVCI Limited will be allotted 4.9 crore shares at Rs 74 each. This brings the total issue to Rs 372 crore."Expected approval by the board of directors in favor of the owner led to a strong uptrend in Marksans Pharma's stock price. A daily close above Rs 64 could lead to targets of Rs 67-73.65 in the coming days," said AR Ramachandran from Tips2trades.
The pharma company has also recently closed its buyback exercise, in which it bought back 64.74 lakh shares.Headquartered in Mumbai, Marksans Pharma's key focus areas lie in OTC (over the counter) and prescription drugs that have wide-ranging applications across fields like oncology, gastroenterology, antibiotics and pain management.
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