Glenmark in good health

Glenmark is amongst the big gainers on the BSE currently, the second highest gainer to be more specific. The stock opened at Rs.468.80 and went on to hit an intra day high at Rs.487 and it is currently at Rs.482.15, up over 3%. Volumes are very good at 66,000 shares today compared to the 2-week average of 48,000 shares.

The stock is reacting today to the news which came in on Saturday wherein the High Court rejected the petition of Merck  for an interim injunction against the sale of Glenmark’s Zita and Zita-Met drugs. It had also approached the court on alleged patent violation by Glenmark on two of its products. Merck is expected to file an appeal in the Supreme Court. For now, the dark cloud of litigation seems to have been averted and the stock is expected to continue doing well.