Shares of Glenmark Pharma hit fresh record highs

Shares of Glenmark Pharma, a frontline drugs major, hit fresh record highs on news the stock has been included in the quarterly rebalancing of the MSCI India Index.

Global brokerage HSBC advised clients to go long on Glenmark Pharma from August 14 to August 28, the day when the rebalancing becomes effective.

As a result, Glenmark rose 60.70 rupees, or 5.7 percent, to 1,124 rupees on the National Stock Exchange, where 22.5 lakh shares were traded.Glenmark has been one among the many pharma companies that caught fancy of operators and investors alike.

The stock's market capitalisation has surged 58 percent to 31,800 crore rupees in the past one year. Glenmark trades 7.7 times its book value of 146 rupees.

Glenmark has shown a 23 percent compounded growth in both annual sales and profit over the last 5 years.

Image credit: Indiatimes