Mankind Pharma’s stock increased 2.3% during trading, reaching an intraday high of Rs 2,753 on the BSE. A day after the company’s qualified institutional placement (QIP) was launched, the stock was purchased at a floor price of Rs 2,616.55 per share. This is a 2.4% reduction from the closing price on Monday. According to its registration, the QIP wants to raise Rs 3,000 crore.
A QIP is a way for a publicly traded firm to raise money by selling assets to qualified institutional buyers (QIBs), such as convertible securities or equity shares. It allows businesses to raise money without having to do a rights issue or a public offering.
On the BSE, however, the price of Mankind’s shares was up 0.34 per cent at Rs 2,700 per share at 11:18 AM. The BSE Sensex, on the other hand, fell 0.75 per cent to 81,136.38. The company’s market capitalization was Rs 1,08,178.78 crore. The stock’s 52-week high and 52-week low were Rs 2,882.75 and Rs 1,849.95 per share, respectively.
A well-known pharmaceutical firm in India, Mankind Pharma is renowned for providing a large selection of reasonably priced medical supplies. Since its founding in 1995, the business has expanded quickly to become one of India’s top pharmaceutical enterprises, serving both local and foreign markets.
Prescription drugs, over-the-counter (OTC) products, dermatology treatments, nutraceuticals, and personal care items are just a few of the company’s many products.
Among its most well-known brands are Mankind’s line of antibiotics and painkillers, Madhur (diabetes care), Manforce (condoms), and Prega News (pregnancy test kits).
Mankind Pharma has extended its activities to a number of other areas, including Africa, the Middle East, and portions of Asia, even though its primary focus is on the Indian market.
Mankind Pharma’s stock has increased 39.5% over the last year, while the Sensex has increased 14%.
