Shares of Glenmark Pharmaceuticals gained 4 per cent today after the company reported a net profit of Rs 78.27 crore for the first quarter ended June 30, 2012.
Even though the stock opened weak, buying emerged as the trade progressed and it gained 3.7 per cent to Rs 402.50 on the BSE. On the NSE, the scrip moved up 4 per cent to Rs 402.35.
In terms of volume, 1.66 lakh shares changed hands on the BSE, while more than 8 lakh shares were traded on the NSE.
The firm had posted a net profit of Rs 208.58 crore during the April-June period of the 2011-12 fiscal.
The company, however, said its net profit for the quarter was not comparable due to out-licensing income of Rs 111.23 crore received in Q1 last year, and also due to mark-to-market losses to the extent of Rs 55 crore recorded in the first quarter of 2012-13 fiscal.