Stocks

Torrent Pharma sees best day in over 11 months as Q1 profit beats estimates

Reuters July 24 | Updated on July 24, 2019 Published on July 24, 2019

Shares of Torrent Pharmaceuticals Ltd rose as much as 6.2 per cent to Rs 1,559, posting their biggest intra-day per cent gain since August 3, 2018.

June-quarter profit climbed 32.5 per cent to Rs 216 crore ($31.32 million), slightly ahead of the Rs 213-crore estimate.

Total revenue jumped 7.5 per cent, helped by a rise in sales in most geographies.

Nomura has raised the target price to Rs 1,855 from Rs 1,778, and has maintained a “buy” on the stock.

Around 7,10,000 shares changed hands during the session, 2.4 times the 30-day average.

Up to last close, the Torrent stock had fallen 17.1 per cent this year, while Aurobindo Pharma had lost ~23.4 per cent.

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Published on July 24, 2019
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