Torrent Pharmaceuticals gains on entering into agreement for co-marketing of Remogliflozin

11 Jul 2019

Torrent Pharmaceuticals is currently trading at Rs. 1559.20, up by 9.60 points or 0.62% from its previous closing of Rs. 1549.80 on the BSE.

The scrip opened at Rs. 1549.80 and has touched a high and low of Rs. 1577.15 and Rs. 1539.50 respectively. So far 8855 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1964.00 on 29-Mar-2019 and a 52 week low of Rs. 1407.45 on 23-Jul-2018.

Last one week high and low of the scrip stood at Rs. 1577.15 and Rs. 1500.00 respectively. The current market cap of the company is Rs. 26356.80 crore.

The promoters holding in the company stood at 71.25%, while Institutions and Non-Institutions held 19.14% and 9.61% respectively.

Torrent Pharmaceuticals (Torrent) and Glenmark Pharmaceuticals (Glenmark) have entered into a non-exclusive sub-licensing agreement to co-market sodium glucose co-transporter-2 (SGLT2) inhibitor, Remogliflozin Etabonate (Remogliflozin) in India. Under the terms of the agreement, Glenmark will receive license fees and royalties for the non-exclusive sub-license rights from Torrent. Glenmark will manufacture and supply Remogliflozin, while Torrent will market the drug under its own trademark 'Zucator' in India.

Torrent Pharmaceuticals is Flagship Company of the Torrent group, a leader in cardiovascular and central nervous system segments. It also has presence in gastro-intestinal, diabetology, anti-infective and pain management segments.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323