Shares of this pharma company under the ‘large-cap’ category fell up to 3.20 percent in Tuesday’s trading session after a Private Equity affiliate company likely sold 1.19 crore equity shares via a Block Deal today. In the past six months, the company’s stock has gained nearly 30 percent for its holders.
With a market capitalization of Rs 87,742.89 crores, the stocks of Mankind Pharma Limited started their trading session on Tuesday at Rs 2,175 and currently trade at Rs 2,190.35.
The company’s scrip witnessed an intra-day low of Rs 2,141.50 exhibiting a dip of approximately 3.20 percent compared to the previous close of Rs 2,212.55 apiece.
Such bearish share price behavior was observed today after a Block Deal took place during the pre-opening session. Beige Limited, a private equity firm ChrysCapital affiliate, is the likely seller in the abovementioned transaction.
According to reports, around 1.19 crore equity shares, equivalent to a 2.97 percent stake in the company, exchanged hands. The estimated trade price was around Rs 2,103 per equity share totaling the size of the deal at Rs 2,450 crores. The latest shareholding data portrays Beige Limited holding nearly the same amount of equity shares of the pharma company.
According to the recent presentations, the company provided some key business updates, viz, its export business growing by a whopping 118 percent YoY, market share of key chronic therapies such as anti-diabetic and cardiac reaching an all-time high, etc.
The future outlook of the pharma company stays intact with the process of normalization of growth in newer segments and potential opportunities for divestments. It also remains focused on chronic therapies and the consumer healthcare business.
During the recent financial quarters, the company’s basic business parameters, i.e., operating revenues as well as after-tax profits, showed movements in opposing directions.
The former, on one end, slipped marginally from Rs 2,453 crores during Q2FY24 to Rs 2,359 crores during Q3FY24, and the latter, on the other end, rose from Rs 473 crores to Rs 487 crores.
Mankind Pharma Limited is engaged in developing, manufacturing, and marketing a wide range of pharmaceutical formulations across various acute and chronic therapeutic areas
and several other consumer healthcare products. The company’s brands include Gas-O-Fast, Manforce, Prega News, and many more.
Written by Amit Madnani
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