Mankind Pharma shares rose more than 2% in intraday trade on the BSE on Tuesday, 22 September, defying weak stock market sentiment. Mankind Pharma share price opened at ₹2,445.60 against its previous close of ₹2,429.85 and climbed 2.1% to an intraday high of ₹2,481, rising for the fourth consecutive session. On the other hand, equity benchmark Sensex declined about 0.50% to hit an intraday low of 74,517 during the session.
At the price of ₹2,481, Mankind Pharma stock has gained 10.4% in just four sessions.
Kotak upgrades the stock, raises target price
Kotak Institutional Equities has upgraded Mankind Pharma to a “buy” from an “add” earlier, raising the target price to ₹3,000 from ₹2,885, citing signs of recovery in the company’s core domestic business following the impact of prolonged restructuring.
Kotak, as reported by CNBC-TV18, expects the company’s new launches and volumes to pick up, driven by field force stability and a step-up in research and development.
Mankind Pharma share price trend
As per BSE, Mankind Pharma share price is up 14% year-to-date compared to a 12% fall in the Sensex.
In the last six months, the stock has clocked a gain of 23%. On a monthly scale, it is up nearly 3% so far in September, looking set to snap its two-month losing run.
Mankind Pharma’s financial performance
To recall, Mankind Pharma reported a 12.9% growth in revenue to ₹4,031 crore and net profit jumping 29.1% to ₹574 crore for the June quarter of FY27. EBITDA grew 24.7% to ₹1,060 crore, while margin expanded 250 basis points to 26.3%.
Mankind to initiate the voluntary liquidation process of BSVL
The business of Bharat Serums and Vaccines Limited (BSVL) is proposed to be integrated with Mankind by way of voluntary liquidation of BSVL.
In an exchange filing on 26 August, Mankind Pharma said its board of directors had accorded its consent for expeditious consolidation of BSVL’s business with the company.
Notably, the board of directors of BSVL, a material wholly owned subsidiary, had earlier approved the voluntary liquidation process of BSVL. Mankind holds 96% of the BSVL directly, and 4% is held by Appian Properties Private Limited, a wholly owned subsidiary of the company.
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