Shares of Marksans Pharma surged nearly 6 per cent in Tuesday’s trade, extending their gains for the second straight session after completing the buyback exercise. The stock jumped 6.31 per cent to hit a day high of Rs 63.15 over its previous close of Rs 59.40. The support on the counter could be seen at Rs 59.25, an analyst said.
Marksans Pharma bought back 14,855 company shares, respectively, on BSE and NSE, on Monday, at an average price of Rs 58.28 apiece. With this, the company has bought back a cumulative 64.74 lakh shares so far, it said in a filing to exchanges.
At today’s high level, the stock traded above its buyback price. Marksans Pharma has gained 63.18 per cent from its 52-week low of Rs 38.70, hit on June 20 last year. Yet, the stock is 2.70 away from its one-year high of Rs 64.90, touched on January 12, 2022.
A total of 3.01 lakh shares changed hands today, which was more than double compared to Marksans’ two-week average volume of 1.40 lakh shares. Turnover on the counter stood at Rs 1.86 crore. At this price, the company commanded a market capitalisation (m-cap) of Rs 2,535.70 crore.
There were 1,14,126 sell orders on BSE, against buy orders of 89,522 shares. On NSE, 45.91 lakh shares traded for a value of Rs 28.44 crore.
The stock was last seen trading higher than 5-day, 20-, 50-, 100- and 200-day moving averages. Marksans Pharma has an average target price of Rs 92, as per data publicly available with Trendlyne, suggesting an upside potential of 48.63 per cent. The stock’s one-year beta stood at 1.02 per cent, indicating average volatility on the counter.
“Marksans Pharma has resistance at Rs 64.45. A daily close above this level could lead to higher targets of Rs 67.6-73.5 in the near term,” said AR Ramachandran from Tips2trades. Strong support would be at Rs 59.25, Ramachandran added.
The company reported a consolidated net profit of Rs 60.12 crore in the September quarter (Q2 FY23), up 29.9 per cent on a year-on-year (YoY) basis. Revenue from operations surged 25.3 per cent to Rs 452.56 crore in Q2 FY23 over Q2 FY22.
Marksans Pharma is an Indian pharmaceutical company having a global footprint. The company’s strengths lie in research, manufacturing and marketing of finished dosage pharmaceutical formulations.
Meanwhile, Indian equity benchmarks plunged in afternoon deals, dragged by technology, banks and financials. BSE and NSE lost more than a per cent, each, today after recording a rebound in the previous session.
Also Read: Cyient DLM files draft papers with Sebi for Rs 740 crore IPO
Also Read: TCS shares at Rs 2,600 or Rs 4,100? What brokerages said on IT stock post Q3 results