Alembic Pharmaceutical shares zoom 16% after DSP Mutual Fund increases stake

Alembic Pharmaceuticals shares zoomed as much as 16 per cent in Thursday's trade (November 30) to touch the day's high of Rs 834 apiece on BSE, rallying for the second straight session. The upward trajectory in the stock came after DSP Mutual Fund acquired an additional 0.02 per cent equity in the firm.

At around 10:03 a.m., shares of Alembic Pharma traded 11.47 per cent or Rs 82.5, higher on the BSE at Rs 801.9 apiece. The market capitalisation stood at Rs 15,680.82 crore at around the same time. The stock closed 1.77 per cent higher on BSE at Rs 85.62 apiece.

As per the filing, DSP Mutual Fund has acquired an additional 0.02 per cent equity in the firm, taking its total stake to 5.01 per cent.

Alembic Pharma Q2 

Pharma company Alembic Pharmaceuticals posted a 3.21 per cent year-on-year (YoY) increase in profit after tax (PAT) during the quarter concluded on September 30, 2023, reaching Rs 136.56 crore. The increase in PAT can be attributed to the reduction in depreciation and amortisation expenses.

The company also reported an 8.17 per cent increase in its consolidated revenue from operations, which came in at Rs 1,594.93 crore, in contrast to Rs 1,475.01 crore in Q2 FY23.

The API (Active Pharmaceutical Ingredient) business reported a 10 per cent growth in revenues, reaching Rs 322 crore in the quarter.

Revenues from US generics reached Rs 444 crore, marking a 6 per cent increase year-over-year (YoY) and 14 per cent growth on a quarter-over-quarter (QoQ) basis.

The company now exports products from both its general injectable and oncology plants.

Alembic Pharma share price: Past performance

In 2023 so far, shares of Alembic Pharma have gained nearly 39 per cent against the Nifty50's rise of over 10 per cent.