Shares of
Torrent Pharmaceuticals Ltd., a mid-sized drugs major, rose to a fresh high after the Ahmedabad-based company reported a stellar set of first quarter earnings on the back of a sharp growth in exports.
Torrent Pharma said its first quarter
Net Profit rose 75 percent to 449 crore rupees compared with 256 crore rupees in the same quarter a year ago. Sales during April-June gained 75 percent to 1,947 crore rupees from 1,114 crore rupees in the year ago period. The company said its exports to the United States, its main market, surged 221 percent on the back of new products.
Torrent Pharma rose 5.1 percent, or 70 rupees, to 1,464 rupees on the
National Stock Exchange, where 5.2 lakh shares were traded in the first 90 minutes of trade compared with the 5-day average of 2.07 lakhs.
Torrent Pharma's market capitalisation has doubled in the past one year to 25,000 crore rupees as investors latched on to strong growth for generic pharma products from India.
(Image credits: Indiatimes)
