Franklin Templeton Mutual Fund buys nearly 0.8% equity in this pharma major; stock up 41% in 1 year

Franklin Templeton Mutual Fund bought nearly 0.8 per cent or 10,94,201 lakh equity shares in the pharma company Eris Lifesciences via the bulk deal on the NSE in Monday’s trade (July 15)

The deal was executed at a price of Rs 1,000.4 per share, a discount of around 1.87 per cent from the previous close of Rs 1,019.05 apiece on the BSE.

Meanwhile, Rakesh Shah sold 20 lakh shares in the entity for a price of Rs 1,000.12.

At the last count, shares of the midcap pharma company traded with a cut of 0.67 per cent at Rs 1,012.2 per share on the NSE. The stock, at day’s high, however, gained 1 per cent to hit levels of Rs 1029.55 apiece.

Earlier, BOB Capital Markets in its report dated May 22 reiterated its ‘buy’ stance on the counter with a higher target of Rs 1,200 as against the earlier pegged target price of Rs 955. The brokerage expected the pharma company to post 23 per cent earnings growth over FY24-26 and EBITDA margin in the range of 34-35 per cent. 

Eris Lifesciences share price performance

Eris Lifesciences stock in the last one year has surged around 41 per cent.

About Eris Lifesciences

The company  is engaged in manufacturing, marketing and selling of generics within the chronic and acute categories of the pharma market.