Mankind Pharma Surges 5% on ₹771 Crore Block Deal

Mankind Pharma shares jumped over 5% as the company saw a block deal for 0.9% stake at ₹2,061 per share. The strong market response reflects investor confidence in the pharmaceutical firm.
Mankind Pharma Surges 5% on ₹771 Crore Block Deal

Mankind Pharma, a leading domestic pharmaceutical firm, saw its stock price surge up to 5.27% in Wednesday’s intraday trade. This came after a block deal involving around 3.7 million shares, equivalent to a 0.9% stake, was executed at Rs 2,061 per share.

The likely seller in the block deal is Capital Group affiliate Hema CIPEF, which previously held a 2.22% stake in Mankind Pharma. The deal size was around Rs 771 crore.

Mankind Pharma is known for its diverse range of healthcare products, including antibiotics, gastrointestinal, cardiovascular, dermal, and erectile dysfunction medications. The company has a strong presence in the domestic market.

In the March quarter of FY24, Mankind Pharma reported a 65.1% year-on-year rise in net profit to Rs 471.2 crore. The company’s revenue also grew by 19% to Rs 2,441.1 crore, with EBITDA surging by 41.8%.

The strong financial performance and the block deal have boosted investor sentiment, leading to a 2.12% intraday gain in Mankind Pharma’s stock price, even as the broader market benchmark Sensex fell by 1.01%.

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