Shares of Marksans Pharma have soared to new highs

Shares of Marksans Pharma, a mid-sized drugs maker, surged to fresh highs as the company reported a sharp growth in profit on the back of higher exports.

Marksans said its first quarter profit rose 23 percent to 31.4 crore rupees compared with 25.4 crore rupees in the same quarter a year ago. Sales rose 5 percent to 212.4 crore rupees during April-June compared with 202.4 crore rupees in the year ago period. Exports to the US and EU gained 22 percent to 43.1 crore rupees.

Marksans surged 5.30 rupees, or 5 percent, to 114.10 rupees, a record high on the National Stock Exchange, where 53 lakh shares were traded by 1:35 pm compared with a 5-day average of 53 lakh shares.

Marksans' market capitalisation has leapt 240 percent to 4,604 crore rupees over one year as investors bought into a turnaround story showing higher sales and improved profitability.

Image credit: Indiatimes