Gland Pharma cracks day after company signs pact to buy Europe-based Cenexi
Gland Pharma Share Price NSE: Brokerages have given a mixed response on the stock post announcement of the agreement
Gland Pharma Share Price NSE: Shares of Gland Pharma Ltd, NSE: GLAND, cracked nearly 4 per cent on Wednesday, November 30. The downtrend in stock came on the back of the company's wholly-owned Singapore-based unit Gland Pharma International PTE entering into a 'Put Option Agreement' to acquire 100 per cent of Cenexi Group for an equity value not exceeding EUR 120 million. Cenexi Group is a Hyderabad based drug contract development and manufacturing company.
The counter opened at Rs 1,878 on NSE and cracked more than 4 per cent to quote Rs 1,799.10 at 11:40 AM.
Brokerages have given a mixed response on the stock post announcement of the agreement.
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Zee Business panellist and technical analyst Simi Bhaumik recommended the stock for long-term investment. For short-term investors, she said that the target would be Rs 2000-2050 and stop loss would be at Rs 1900.
"Once can expect a rally towards Rs 2500 if the stock holds the level of 1900. The stop loss for long term investors would be at Rs 1600," she said.
Market analyst Ambareesh Baliga said that the stock has corrected and bottomed up. He said that the scrip could slip into a consolidate phase at current price.
Meanwhile, reacting to the proposed acquisition, Gland Pharma MD & CEO Srinivas Sadu said that this would be the company's first international acquisition and it would "perfectly support our goal of deepening access into the European markets".
"This acquisition would help expand our global presence and further solidify our identity as an injectable focused CDMO company," Sadu said.
Gland Pharma Share Price History
Gland Pharma stock has tanked 53 per cent in 2022 so far. At current level, the company has a market cap of Rs 29.64 thousand crore. The stock's 52-week range is Rs 4,062.95 - Rs 1,660.00.
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